Tag: PNB results

PNB Q1 net up 75% sequentially to ₹1,023 crore

Banking & Finance

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Aided by lower provisioning for non-performing assets and tight control on operating expenses, Punjab National Bank (PNB) on Monday reported a 75 per cent growth in standalone net profit for the first quarter ended June 30 at ₹1,023.46 crore against ₹586.33 crore in the March quarter.

On a year-on-year basis, its net profit grew a whopping 231.81 per cent compared to ₹308.45 crore in the same quarter last year.

It maybe recalled that the three way amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce had come into effect from April 1 last year. This is the first time when a like-to-like comparison of Q1 of the banking behemoth (amalgamated bank) is available, say some banking industry observers.

For the quarter under review, PNB’s total income for the quarter under review stood at ₹22,515 crore, slightly lower than total income of ₹22,532 crore recorded in the previous quarter. In the first quarter last fiscal, it had registered total income of ₹ 24,293 crore.

Also read: PNB moves court seeking restoration of assets of Nirav Modi’s firms seized by ED

Operating profit increased to ₹6,098.65 crore from ₹5,634.31 crore in the March quarter. Its operating profit in June quarter last year was ₹5,280 crore.

Operating expenses of the bank fell sharply in the first quarter ended June 30 this year at ₹4,722 crore as against ₹5,045 crore in the March quarter. In the June quarter last year, operating expenses had come in at ₹5,156 crore.

Provision for NPAs for the quarter under review stood at ₹3,248 crore against ₹5,294 crore in the March quarter this year and ₹4,836 crore in the June quarter last year.

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Punjab & Sind Bank back in the black in after eight red quarters

Banking & Finance

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Signalling a turnaround, Punjab & Sind Bank (PSB), a public sector lender, on Saturday reported a net profit of ₹161- crore for the fourth quarter ended March 31, 2021 as compared to net loss of ₹236 crore in the same quarter last year. This is the first quarterly profit for the bank after eight consecutive quarters of net losses.

“We are confident of sustaining the latest quarterly performance in this fiscal also. We will be able to achieve profits in each of the quarters this fiscal,” S Krishnan, MD & CEO, PSB, told BusinessLine.

Full-year loss widens

For the full year 2020-21, however, there has been a net loss of ₹2,733 crore, which widened from year ago’s net loss of ₹ 991 crore.

Asked as what contributed to the turnaround in Q4 of 2020-21, Krishnan said the main reason was strong focus on recoveries besides a bunch of factors including emphasis on cost optimisation and revenue maximisation in certain segments. The Centre’s move to pump in ₹5,500 crore capital also helped strengthen the balance sheet, he added.

Also read: Punjab & Sind Bank declares loans worth ₹150 cr to IL&FS Transportation as fraud

Total income for the quarter under review was down 15.2 per cent to ₹1,940 crore (₹2,289 crore). For the fiscal 2020-21, total income declined 10.8 per cent to ₹7,877 crore (₹8,827 crore).

Krishnan said the bank — which now had capital adequacy ratio of 17.06 per cent — was not looking to raise capital this year. The Centre’s shareholding in the bank stood at 97 per cent post the recent ₹5,500-crore capital infusion.

Net NPA saw a steep decline during 2020-21 to 4.04 per cent from 8.03 per cent as on March 31, 2020. Gross NPA as percentage of advances saw modest decline of 42 basis points to 13.76 per cent in end March 2021 from 14.18 per cent as on March 31, 2020.

Krishnan said the bank would in the first half of this fiscal focus on improving its IT infrastructure (for digital banking) besides providing an omni-channel service offering to customers.

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