Punjab National Bank (PNB) Q4FY23 profit surged 610.5 per cent to Rs 1,741.11 crore as against Rs 245.05 crore in the same quarter last year. The public sector bank reported total income at Rs 28.13 thousand crore, up 31.8 per cent in comparison to Rs 21.35 thousand crore in the fourth quarter of FY22. The bank posted a profit surge on the back of a fall in provisions for the quarter and also a rise in total income during Q4FY23. The Board also recommended a dividend of Rs 0.65 per equity share (32.5 per cent) of face value of Rs 2 each for FY 2022-23. It also approved raising of equity capital by way of issue of upto 15 crore new equity shares of face value of Rs 2.00 each to the employees of the Bank through an ‘Employees Stock Purchase Scheme’, PNB said in a regulatory filing.
PNB’s provisions (other than tax) and contingencies fell 23.3 per cent to Rs 3,708.18 crore in the fourth quarter as against Rs 4837.15 crore in the same quarter last year. The gross non performing assets (NPA) ratio improved to 8.74 per cent down from 11.78 per cent in the March quarter of last year. Net NPA, meanwhile, improved to 2.72 per cent in the Q4 as against 4.8 per cent in the year ago quarter.
PNB’s segment wise performance
PNB’s treasury operations recorded revenue at Rs 7,779.58 crore in the quarter, while the corporate/ wholesale banking segment posted revenue of Rs 12,130.89 crore and retail banking segment posted revenue at Rs 7,538.83 crore in the fourth quarter of FY23.