PNB Q4 results: Net profit surges 160%, lender announces highest dividend payout in nine years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Punjab National Bank (PNB) has reported a 160% surge to ₹3,010.27 crore in its net profit for the fourth quarter of the financial year 2023-24. The bank’s performance can be attributed to several key factors, including a reduction in the gross non-performing assets (NPA) ratio, which stood at 5.73% compared to 6.24% in the previous quarter and 8.74% last year.

Furthermore, PNB witnessed growth in total interest earned for Q4, reaching ₹28,113.43 crore.

This was 18% higher than ₹23,848.61 crore, which the lender had posted in the same quarter of last year.

Net Interest Income (NII) rose by 9.1% to ₹10,363 crore compared to ₹9,498.8 crore in the corresponding period last year.

Provisions (other than tax and contingencies) were down 58.5% year-on-year to ₹1588.05 crore.

Of these, provisions for NPAs were down 45.9% to ₹1,957.9 crore.

Capital Adequacy Ratio (CRAR) improved to 15.97%, over 15.50% on March 31, 2023.

The total income increased to ₹32,361 crore during the quarter under review, as against ₹27,269 crore in the same period last year, PNB said in a regulatory filing.

Additionally, PNB’s board has recommended a dividend of 75% on each stock. According to BSE website, this is the highest payout by the Punjab National Bank in the last nine years.

Back in 2023, PNB had paid a dividend of ₹0.65 on each stock to its investors.

In 2022, the bank had paid a dividend of ₹0.64 on each stock.

Before that, PNB had paid a dividend of ₹3.30 on each stock.

At the time of writing this report, the shares of PNB were trading 1.92% lower at ₹122.60 apiece on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow