Punjab National Bank declares Q-1(FY 2017-18) results

By Sarkaritel November 4, 2017 09:14

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Shri Sunil Mehta, Managing Director & CEO, Punjab National Bank declared quarterly results of the Bank alongwith Shri K.V. Brahmaji Rao, Dr. Ram S Sangapure and Sh. Sanjiv Sharan, Executive Direcors of the Bank. The Bank’s Global Business stood at Rs 10.46 lakh crore in Sept’17 registering YoY growth of 8%. Domestic Business of the Bank increased by 10.9% on YoY basis. CASA Deposits increased to Rs 256855 crore in Sept’17 from Rs 216224 crore in Sept’16 with the share of CASA deposits rising to 44.38% in Sept’17 from 42.10% in Sept’16. CASA deposits grew by 24.2% on an average basis.

Domestic Advances increased by 8.3% on YoY basis in Sep’17. Retail loans grew by 15.9% supported by Housing loan growing at 17.4% and Car Loan growing at 17.8%

Operating Profit for the Sept’17 quarter of the Bank increased to Rs 3279 crore in Sept’17 from Rs 2732 crore in Sept’16 recording a YoY increase of 20%. Net Profit of the Bank increased to Rs 561 crore in Sept’17 from Rs 549 crore in Sept’16.

The Bank witnessed decline in Cost of Deposit to 5.01% in Q2 FY’18 from 5.36% in Q2 FY’17. In terms of Profitability Ratios, Return on Equity (ROE) for H1FY’18 has improved to 4.51% from 4.45% in H1FY’17. Cost to Income ratio has improved from 51.96% in Q2 FY’17 to 44.62% in Q2 FY’18.

Gross NPA of the Bank was sequentially down from June’17 level at Rs 57630 crore in Sept’17. Consequently Gross NPA ratio improved to 13.31% in Sept’17 from 13.66% in June’17. Net NPA was below June’17 level at Rs 34570 crore as on 30 th Sept’17 and the NNPA ratio was down from 8.67% in June’17 to 8.44% in Sept’17. The Provision Coverage Ratio (PCR) of the Bank improved to 59.23% as on 30 th Sept’17 from 53.32% in 30 th Sept’16.

PNB is moving ahead in Growth and Profitability, riding on digital wave, accelerated by MISSION PARIVARTAN that was launched in Q1FY’18.