Public The region’s Punjab National Bank (PNB)’s profits for the second quarter of the current financial year ended September more than doubled to Rs 4,306 crore. This public sector bank had posted a net profit of Rs 1,756 crore in the same quarter of the last financial year. In the information submitted to the stock exchanges, PNB said that during the quarter under review, its total revenue increased to Rs 34,447 crore, up from Rs 29,383 crore in the same quarter last year. The bank recorded interest income of Rs 29,875 crore during this period, as against Rs 26,355 crore in the same period last year.
Decrease in delinquencies
The bank’s gross non-performing assets (NPA) improved to 4.48 per cent of total loans as of end-September 2024. This figure was 6.96 per cent a year ago. Similarly, net NPLs also decreased from 1.47 percent at the end of the second quarter of the last financial year to 0.46 percent at the end of September 2024.
Indian bank’s profit increased by 36%
Public sector Indian Bank’s profits for the second quarter of the current financial year ending September 2024 rose 36 per cent to Rs 2,707 crore. The Chennai-based bank had reported a net profit of Rs 1,988 crore in the same quarter of the previous year. Indian Bank told the stock market that its total revenue during the quarter under review increased to Rs 17,770 crore from Rs 15,736 crore in the same period last year. The bank recorded interest income of Rs 15,348 crore during the quarter under review, compared to Rs 13,743 crore in the year-ago period.
Reduced NPA here too
Net interest income (NII) rose eight per cent to Rs 6,194 crore from Rs 5,741 crore in the second quarter of last year. The bank saw an improvement in gross non-performing assets (NPA), which decreased to 3.48 per cent of gross loans as at the end of September 2024. A year ago this figure was 4.97 per cent. Similarly, net NPLs decreased from 0.60 percent at the end of the second quarter of the last financial year to 0.27 percent at the end of September 2024.
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