PNB announces financial results for the Quarter and Year ended 31st March 2024

Jammu Tawi: Punjab National Bank today announced its Financial Results for the Quarter and Year Ended 31st March 2024. Operating Profit increased by 9.4% on Y-o-Y basis to ₹6,416 Cr in Q4 FY'24 from ₹6,331 Cr in Q3 FY'24 and ₹5,866 Cr in Q4 FY'23. Operating Profit rose by 10.7% to ₹24,931 Crore in FY'24 from ₹22529 Crore in FY'23. Credit Cost improved by 91 bps from 1.72% in Q4 FY'23 to 0.81% in Q4 FY'24 and by 63 bps from 2.03% in FY'23 to 1.40% in FY'24. GNPA ratio improved by 301 bps on Y-o-Y basis to 5.73% as on March'24 from 8.74% as on March'23. NNPA ratio improved by 199 bps from 2.72% as on March'23 to 0.73% as on March'24. Provision Coverage Ratio (including TWO) improved by 849 bps on Y-o-Y basis to 95.39% as on March'24. Provision Coverage Ratio (Excluding TWO) improved by 171 bps to 87.9% from 70.8% in March'23.Slippage ratio improved Y-o-Y by 159 bps to 0.72% in FY'24 from 2.31% in FY'23. Global Business grew by 8.6% on Y-o-Y basis to ₹23,53,038 Crore as on March'24 from ₹21,65,844 Crore as on March'23. Global Deposits registered a growth of 6.9% to ₹13,69,713 Crore as on March'24 from ₹12,81,163 Crore as on March'23. Global Advances increased by 11.2% on Y-o-Y basis to ₹9,83,325 Crore as on March'24 from ₹8,84,681 Crore as on March'23. CD Ratio stands at 71.8% as on March'24 as against 69.1% in March'23 and 73.1% in Dec'23.In terms of Deposits, Savings Deposits increased to ₹4,80,298 Crore registering a Y-o-Y growth of 3.5%. Current Deposits grew by ₹3,565 Crore as on March'24 to ₹72,201 Crore on Quarter-on-Quarter basis. CASA Deposits increased to ₹5,52,499 Crore recording a Y-o-Y growth of 2.7%. CASA Share of the bank stands at 41.44% as on March'24. Total Interest Income of the Bank was ₹28,113 Crore for Q4 FY'24 and ₹1,06,902 Crore for FY'24, registering a Y-o-Y growth of 17.9% and 25.6% respectively. Fee based income recorded a Y-o-Y growth of 8.4% from ₹5,612 Crore in FY'23 to ₹6,084 Crore in FY'24.In terms of Efficiency/Productivity Ratio, Domestic Net Interest Margin stands at 3.25% in Q4 FY'24. Global Yield on Advances improved Y-o-Y by 50 bps to 8.44% in Q4 FY'24 and by 112 bps to 8.28% in FY'24. Business per employee improved to ₹23.84 Crore in March'24 from ₹21.64 Crore in March'23 and ₹23.08 Crore in Dec'23. Business per branch improved to ₹225.25 Crore in March'24 from ₹209.53 Crore in March'23 and ₹220.51 Crore in Dec'23. Net profit per employee improved to ₹8.61 lakhs in FY'24 from ₹2.57 lakhs in FY'23. Net profit per branch improved to ₹81.33 lakhs in FY'24 from ₹24.88 lakhs in FY'23.The Bank's CRAR increased to 15.97% as on March'24 from 15.50% as on March'23 registering an improvement of 47 bps. Tier-I was at 13.17% (CET-1 improved to 11.04% from 9.86% as at Dec'23 and AT1 improved to 2.13% from 1.87% as at Dec'23) and Tier-II at 2.80% as on March'24.Under priority sector achievement, Priority Sector Advances exceeded the National Goal of 40% and stands at 40.57% of ANBC. Agriculture advances exceeded the National Goal of 18% and stands at 18.27% of ANBC. Credit to Small & Marginal Farmers exceeded the National Goal of 10% and stands at 10.09% of ANBC. Credit to Weaker Sections surpassed the National Goal of 12% and stands at 13.57% of ANBC. Credit to Micro Enterprises surpassed the National Goal of 7.50% and stands at 8.16% of ANBC.