Punjab National Bank (abbreviated as PNB) is one of India’s oldest and most trusted public sector banks, an Indian government public sector bank based in New Delhi. It was founded in May 1894 and is the second-largest public sector bank in India. PNB offers a comprehensive range of financial services, including retail and corporate banking, investment banking, and wealth management.
State-owned Punjab National Bank (PNB) reported a robust performance in its Q1 business update for the fiscal year on Thursday, July 4. The bank’s global business witnessed a 3.8% quarter-on-quarter growth and a 10.3% year-on-year increase. Global deposits rose by 2.8% QoQ and 8.5% year-on-year, demonstrating the bank’s ability to attract and retain customer funds.
Domestically, deposits saw a 2.7% quarter-on-quarter growth and an 8.1% year-on-year increase. PNB’s global advances showed significant growth of 5.1% quarter-on-quarter and 12.7% year-on-year. On the domestic front, advances grew by 5% quarter-on-quarter and 12.1% year-on-year.
| Particulars | Q1 FY24-25 | Q1 FY23-24 | Change(%) |
| Global Deposits | 14,08,282 | 12,97,205 | 8.5 |
| Domestic Deposits | 13,69,954 | 12,67,002 | 8.1 |
| Global Advances | 10,33,600 | 9.16,836 | 12.7 |
| Domestic Advances | 9,89,253 | 8,82,398 | 12.1 |
Conclusion: Punjab National Bank’s Q1 performance demonstrates its strong position in both global and domestic markets. The steady growth in deposits and advances indicates the bank’s resilience and capability to attract and retain customer funds effectively. The significant year-on-year and quarter-on-quarter increases highlight PNB’s ongoing commitment to expanding its business and enhancing its financial stability. As the bank continues to grow, its solid performance in the first quarter sets a positive tone for the remainder of the fiscal year, showcasing its potential for sustained success.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Jul 5, 2024, 11:48 AM IST
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