PNB Share Price Rises Over 5% As Nifty Gains

Punjab National Bank share price is currently trading at ₹104.80, marking a rise of ₹4.98 (4.99%) as of 12:02 PM on November 25, 2024. The stock opened at ₹103.10, reached a high of ₹105.48, and a low of ₹102.99. The bank’s market capitalisation stands at ₹1.20 lakh crore, with a price-to-earnings (P/E) ratio of 7.99 and a dividend yield of 1.43%. Over the past 52 weeks, the stock has seen a high of ₹142.90 and a low of ₹75.60. 

Year to date, the stock has increased by ₹7.08, reflecting a rise of 7.24%. In the past year, the stock has surged by ₹26.33, marking an impressive growth of 33.52%. Looking at the past 5 years, PNB’s stock price has soared by ₹39.28, representing a substantial gain of 59.88%.

PNB Reports Strong Profit Growth in Q2FY24 Results

Punjab National Bank (PNB) reported a significant increase in its profit for the second quarter ending September 2024. The company’s net profit more than doubled to ₹4,306 crore, compared to ₹1,756 crore in the same period last year.

PNB’s total income rose to ₹34,447 crore in Q2FY24, up from ₹29,383 crore in the same quarter of the previous year. The bank’s interest income also saw growth, reaching ₹29,875 crore, compared to ₹26,355 crore a year ago.

PNB saw improvements in its asset quality, with gross Non-Performing Assets (NPAs) decreasing to 4.48% of gross loans, down from 6.96% a year ago. Similarly, net NPAs reduced to 0.46%, from 1.47% in the second quarter of the previous fiscal year.

Strong Consolidated Profit

On a consolidated basis, PNB’s profit more than doubled to ₹4,714 crore, up from ₹1,990 crore in Q2FY24.

PNB made a floating provision of ₹350 crore in line with its board-approved policy during the quarter. As of September 30, the bank held a floating provision of ₹500 crore. Additionally, the provisioning coverage ratio (including technical written-off accounts) improved to 96.67% from 91.91% last year.

About Punjab National Bank

Punjab National Bank (PNB) is India’s first indigenous bank. It is a government-owned banking and financial services institution, with its headquarters located in New Delhi. 

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