PNB Bank Q1 Results: Net Profit Surges 298%!

PNB Bank Ltd reported unaudited robust financial results for the quarter that ended on June 2023 or Q1FY24. Talking about the financials for Q1FY24 in comparison to the same quarter last year, the bank’s net profit for the first quarter which ended on June 30, 2023, increased by 297.71% to Rs 1210.82 crore from Rs 304.45 crore. In Q1FY24, the bank’s interest earned increased by 44.87% from Rs 12347.47 crore to Rs 17888.08 crore in a similar quarter the year prior.

In Q1FY24, the bank’s income on investment increased by 12.06% from Rs 6214.44 crore to Rs 6963.75 crore in a similar quarter the year prior. In Q1FY24, the bank’s total net revenue increased by 34.87% from Rs 21527.42 crore to Rs 29033.11 crore in a similar quarter the year prior.        

Sequentially the bank’s net profit for the quarter which ended on June 30, 2023, decreased by 30.46% from Rs 1741.11 crore. In Q1FY24, the bank’s total net revenue increased by 3.20% from Rs 28132.23 crore in the similar quarter the year prior.  

In the last trading session, the scrip closed at Rs 60.68. Today, it opened at Rs 60.92 and currently, it is trading at Rs 62.97, up by 3.77%. It has a 52-week high of Rs 65.15 and a 52-week low of Rs 31.30. The bank has a market cap of around Rs 69,300 crore. Over the past six months, the bank has generated a return of around 23.62% and over the past one year, it has given a robust return of 98.73%.  

Punjab National Bank is India’s first Swadeshi Bank. PNB is a banking and financial service owned by the Government of India with its headquarters in New Delhi, India. It is the third largest PSU Bank after State Bank of India (SBI) and Bank of Baroda (BOB) in India.

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