Punjab National Bank Announces Financial Results for the Quarter and Year Ended 31st March 2024

Key Highlights

  • The Board of Directors have recommended a dividend of ₹1.50 per equity share (75%) for the year ended March 31, 2024 subject to requisite approvals.
  • Net Profit increased Y-o-Y by 159.8% and Q-o-Q by 35.4% to ₹3,010 Cr in Q4 FY’24 from ₹1,159 Crore in Q4 FY’23 and ₹2,223 Cr in Q3 FY’24. During FY’24, Net Profit rose to ₹8,245 Crore recording a robust growth of 228.8% against ₹2,507 Crore posted during FY’23.
  • Return on Assets (RoA) improved to 0.77% in Q4 FY’24 from 0.58% in Q3 FY’24 and 0.32% in Q4 FY’23. RoA improved Y-o-Y by 36 bps to 0.54% in FY’24 against 0.18% recorded in FY’23.
  • Return on Equity (RoE) improved to 16.48% in Q4 FY’24 from 12.45% in Q3 FY’24 and 7.11% in Q4 FY’23. RoE improved by 772 bps to 11.66% in FY’24 from 3.94% in FY’23.
  • Net Interest Income (NII) increased to ₹10,363 Cr in Q4 FY’24 from ₹10,293 Cr in Q3 FY’24 and ₹9,499 Cr in Q4 FY’23 showing an improvement of 9.1% on Y-o-Y basis. During FY’24, NII rose by 16.2% to ₹40,083 Crore from ₹34,492 Crore in FY’23.
  • Global Net Interest Margin increased by 3 bps from 3.06% in FY’23 to 3.09% in FY’24.
  • Operating Profit increased by 9.4% on Y-o-Y basis to ₹6,416 Cr in Q4 FY’24 from ₹6,331 Cr in Q3 FY’24 and ₹5,866 Cr in Q4 FY’23. Operating Profit rose by 10.7% to ₹24,931 Crore in FY’24 from ₹22529 Crore in FY’23.
  • Credit Cost improved by 91 bps from 1.72% in Q4 FY’23 to 0.81% in Q4 FY’24 and by 63 bps from 2.03% in FY’23 to 1.40% in FY’24.
  • GNPA ratio improved by 301 bps on Y-o-Y basis to 5.73% as on March’24 from 8.74% as on March’23.
  • NNPA ratio improved by 199 bps from 2.72% as on March’23 to 0.73% as on March’24.
  • Provision Coverage Ratio (including TWO) improved by 849 bps on Y-o-Y basis to 95.39% as on March’24.
  • Provision Coverage Ratio (Excluding TWO) improved by 171 bps to 87.9% from 70.8% in March’23.
  • Slippage ratio improved Y-o-Y by 159 bps to 0.72% in FY’24 from 2.31% in FY’23.
  • Global Business grew by 8.6% on Y-o-Y basis to ₹23,53,038 Crore as on March’24 from ₹21,65,844 Crore as on March’23.
  • Global Deposits registered a growth of 6.9% to ₹13,69,713 Crore as on March’24 from ₹12,81,163 Crore as on March’23.
  • Global Advances increased by 11.2% on Y-o-Y basis to ₹9,83,325 Crore as on March’24 from ₹8,84,681 Crore as on March’23.
  • CD Ratio stands at 71.8% as on March’24 as against 69.1% in March’23 and 73.1% in Dec’23.

Business Performance in Key Parameters

Deposits

  • Savings Deposits increased to ₹4,80,298 Crore registering a Y-o-Y growth of 3.5%.
  • Current Deposits grew by ₹3,565 Crore as on March’24 to ₹72,201 Crore on Quarter-on-Quarter basis.
  • CASA Deposits increased to ₹5,52,499 Crore recording a Y-o-Y growth of 2.7%.
  • CASA Share of the bank stands at 41.44% as on March’24.
  • Retail Term Deposit (less than 2 Crores) witnessed a growth of 9.5% on Y-o-Y basis to ₹5,62,705 Crore in March’24.

Advances

  • Total Retail credit increased by 12.6% to ₹2,22,574 Crore in March’24.
  • The bank grew impressively under Core Retail recording a Y-o-Y growth of 15.2%. Within Core Retail Credit:
    • Housing Loan grew by 14.5% to ₹93,694 Crore.
    • Vehicle loan posted a growth of 25.6% to reach ₹20,692 Crore.
    • Personal Loan increased by 14.4% to ₹20,766 Crore.
  • Agriculture Advances grew by 11.3% on Y-o-Y basis to ₹1,58,188 Crore
  • MSME Advances increased Y-o-Y by 7.0% to ₹1,39,288 Crore in March’24.

Asset Quality

  • Gross Non-Performing Assets (GNPA) declined by ₹20,985 Crore to ₹56,343 Crore as on March’24 from ₹77,328 Crore as on March’23.
  • Net Non-Performing Assets (NNPA) declined by ₹15,786 Crore from March’23 to ₹6,799 Crore as on March’24.
  • Net Slippages declined by ₹8646 Crore from ₹14198 crore in FY’23 to ₹5552 Crore in FY’24.

Profitability

  • Total Income of the Bank was booked at ₹32,361 Crore for Q4 FY’24 and ₹1,20,285 Crore for FY’24, recording a growth of 18.7% and 23.6% respectively on Y-o-Y basis.
  • Total Interest Income of the Bank was ₹28,113 Crore for Q4 FY’24 and ₹1,06,902 Crore for FY’24, registering a Y-o-Y growth of 17.9% and 25.6% respectively.
  • Fee based income recorded a Y-o-Y growth of 8.4% from ₹5,612 Crore in FY’23 to ₹6,084 Crore in FY’24.

Efficiency/Productivity Ratio

  • Domestic Net Interest Margin stands at 3.25% in Q4 FY’24.
  • Global Yield on Advances improved Y-o-Y by 50 bps to 8.44% in Q4 FY’24 and by 112 bps to 8.28% in FY’24.
  • Business per employee improved to ₹23.84 Crore in March’24 from ₹21.64 Crore in March’23 and ₹23.08 Crore in Dec’23.
  • Business per branch improved to ₹225.25 Crore in March’24 from ₹209.53 Crore in March’23 and ₹220.51 Crore in Dec’23.
  • Net profit per employee improved to ₹8.61 lakhs in FY’24 from ₹2.57 lakhs in FY’23.
  • Net profit per branch improved to ₹81.33 lakhs in FY’24 from ₹24.88 lakhs in FY’23.

Capital Adequacy

  • CRAR increased to 15.97% as on March’24 from 15.50% as on March’23 registering an improvement of 47 bps.
  • Tier-I was at 13.17% (CET-1 improved to 11.04% from 9.86% as at Dec’23 and AT1 improved to 2.13% from 1.87% as at Dec’23) and Tier-II at 2.80% as on March’24.

Priority Sector Achievement

  • Priority Sector Advances exceeded the National Goal of 40% and stands at 40.57% of ANBC.
  • Agriculture advances exceeded the National Goal of 18% and stands at 18.27% of ANBC.
  • Credit to Small & Marginal Farmers exceeded the National Goal of 10% and stands at 10.09% of ANBC.
  • Credit to Weaker Sections surpassed the National Goal of 12% and stands at 13.57% of ANBC
  • Credit to Micro Enterprises surpassed the National Goal of 7.50% and stands at 8.16% of ANBC.

Financial Inclusion

  • PMJDY account increased to 5 Crore 5 Lakhs as on March’24 from 4 Crore 59 Lakhs in March’23.
  • Enrollments under PMJJBY, PMSBY & APY in March’24 are as under:

(No. In Lacs)

JANSURAKSHA SCHEME ENROLLMENT UP TO31.03.202331.03.2024
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)54.9863.82
Pradhan Mantri Suraksha Bima Yojana (PMSBY)210.66254.54
Atal Pension Yojana (APY)28.1138.53

Digital Progress and Initiatives

  • Number of Digital Transactions increased to 659 Crore during FY’24 from 408 Crore during FY’23 registering a growth of 62% on Y-o-Y basis.
  • Internet Banking Services (IBS) users increased to 423 Lakhs as on March’24 recording a growth of 8% Y-o-Y basis from 392 Lakhs as on March’23.
  • Total Digital Loan Disbursed improved by ₹4,464 Crore to ₹8,588 Crore as on March’24 from ₹4,124 Crore as on March’23.
  • Facility for Digital Education loan and Digital Vehicle Loan through PNB One has commenced in the bank.

Distribution Network

  • As on 31st March 2024, the Bank has 10,138 branches including 2 International Branches.
  • The distribution of branches is Rural: 3,927 branches (39%), Semi-Urban: 2,484 branches (24%), Urban: 2,001 branches (20%) and Metro: 1,724 branches (17%).
  • The bank also has 12,131 ATMs and 33,614 BCs as part of its distribution network.

Awards & Accolades

  • Overall 3rd Rank under EASE Reforms 5.0 with 2nd Runners Up in the themes such as Digital Enabled Customer Offerings and Big Data & Analytics.
  • Excellence in Gender Inclusion Award by Jury of International Inclusion Alliance.
  • Best MSME Friendly Bank by Confederation of Indian MSME.
  • 9th Innovative CIOs Awards & Symposium 2024 for 2 projects viz. e-Bank Guarantee and PNB Aarambh.
  • Award for “Best Data Quality in Commercial Bureau Segment” for 2023-24 during the Annual Conference of General Managers of PSBs organized by IBA & TransUnion (TU) CIBIL in Mumbai.
  • Data Excellence Award in Consumer Bureau segment by CRIF Highmark during CRIF InFocus Seminar.

Social Media Presence of the Bank: (No. of Followers)

Leave a comment

Create a free website or blog at WordPress.com.

Up ↑