PNB Q4 Results 2024:
Profit Surge: Punjab National Bank (PNB) has unveiled its standalone quarterly results for the fourth quarter of the previous fiscal year, showcasing a remarkable financial upswing. The PSU bank reported a net profit of ₹3,010.27 crore, marking an impressive year-on-year rise of nearly 160 percent compared to the net profit of the same period in Q4FY23.
Market Expectations: Despite the substantial growth, PNB fell short of market expectations. Analysts were anticipating a net profit of ₹3,300 crore for Q4FY24.
Key Takeaways:
Deposits:
- Savings Deposits witnessed a year-on-year growth of 3.5%, reaching ₹4,80,298 Crore.
- Current Deposits grew by ₹3,565 Crore on a quarter-on-quarter basis, totaling ₹72,201 Crore.
- CASA Deposits increased to ₹5,52,499 Crore, recording a year-on-year growth of 2.7%.
- Retail Term Deposit (less than 2 Crores) showcased robust growth of 9.5% year-on-year, reaching ₹5,62,705 Crore in March’24.
Advances:
- Total Retail credit surged by 12.6% to ₹2,22,574 Crore in March’24.
- Core Retail credit demonstrated a year-on-year growth of 15.2%, with notable growth in sectors like Housing Loan (14.5%), Vehicle Loan (25.6%), and Personal Loan (14.4%).
- Agriculture Advances grew by 11.3% year-on-year to ₹1,58,188 Crore.
- MSME Advances witnessed a year-on-year increase of 7.0% to ₹1,39,288 Crore in March’24.
Asset Quality:
- Gross Non-Performing Assets (GNPA) declined to ₹56,343 Crore as of March 2024 from ₹77,328 Crore in March 2023.
- Net Non-Performing Assets (NNPA) decreased to ₹6,799 Crore as of March 2024 from ₹15,786 Crore in March 2023.
- Net Slippages declined from ₹14,198 crore in FY23 to ₹5,552 Crore in FY24.
Profitability:
- Total Income for Q4 FY24 and FY24 grew by 18.7% and 23.6% respectively on a year-on-year basis.
- Total Interest Income witnessed a year-on-year growth of 17.9% for Q4 FY24 and 25.6% for FY24.
- Fee-based income recorded a year-on-year growth of 8.4% from ₹5,612 Crore in FY23 to ₹6,084 Crore in FY24.
Productivity Ratio:
- Domestic Net Interest Margin stood at 3.25% in Q4 FY24.
- Global Yield on Advances improved year-on-year by 50 bps to 8.44% in Q4 FY24 and by 112 bps to 8.28% in FY24.
- Business per employee increased to ₹23.84 Crore in March 2024, emphasizing PNB’s commitment to enhancing productivity.
- Business per branch improved to ₹225.25 Crore in March’24.
- Net profit per employee and per branch saw significant improvements from FY’23 to FY’24.
These highlights underscore PNB’s strong financial performance and strategic initiatives towards sustainable growth and operational efficiency.
