Financial Insights

PNB reports 123% increment in profits in Q3 results

Punjab National Bank reported a 123% YoY growth in profits as the profit for quarter ended on December 2021 stood at Rs 1,126 crores. The profit for the corresponding quarter last year was Rs 506 crores. However, their revenues declined from 23,298.53 crores as in last year to Rs 22,026.02 crores this year.

Operating margins came down to 23.05% but its net profit rose to 5.12%. Operating profit fell 17.2% from Rs 6,134.2 crores last year to Rs 5,076.31 crores. Gross NPAs stood at 5.9% while Net NPAs were 0.34%. Its provisions fell from Rs 5,175.99 crores to Rs 3,353.55 crores.

After the announcement, its shares gained over 4% as it finally closed at Rs 41.15 per share.

Highlight by Aman Agarwal.

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