Punjab National Bank slips After Q1 PAT drops 70% YoY

Punjab National Bank declined 3.53% to Rs 31.45 after the bank's net profit tumbled 69.9%to Rs 308.44 crore on 6.7% fall in total income to Rs 21,294 crore in Q1 FY23 over Q1 FY22.

Net interest income (NII) improved by 4.27% YoY to Rs 7,543 crore in Q1 FY23 from Rs 7234 crore posted in Q1 FY22. Net interest margin (NIM) improved by 5 bps YoY to 2.79% in Q1 FY23.

The bank's operating profit declined 15.95% YoY to Rs 5,379 crore in the quarter ended 30 June 2022. Profit before tax (PBT) shrunk by 58.52% to Rs 589 crore in Q1 FY23 over Q1 FY22.

The bank's provisions and contingencies (excluding tax provisions) slipped 3.8% to Rs 4,790.19 crore in Q1 FY23 over Q1 FY22. Of this, provisions for NPA was Rs 4,814 crore (up 48.21% YoY).

The bank's gross non-performing assets (NPAs) stood at Rs 90,167 crore as on 30 June 2022 as against Rs 92,448 crore as on 31 March 2022 and Rs 1,04,075 crore as on 30 June 2021.

The ratio of gross NPAs to gross advances improved by 306 bps to 11.27% as on 30 June 2022 from 14.33% as of 30 June 2021.

The ratio of net NPAs to net advances improved by 156 bps to 4.28% as on 30 June 2022 from 5.84% as on 30 June 2021.

While the bank's deposits rose by 3.56% YoY to Rs 11,36,747 crore, loans & advances increased by 12.3% to Rs 7,42,643 crore as on 30 June 2022.

CRAR improved to 14.82% as of 30 June 2022 from 14.50% as at 31 March 2022. Tier-I is at 12.10% (CET-1 was at 10.94%, AT1 was at 1.16%) and Tier-II is at 2.72% as at 30 June 2022.

Punjab National Bank is a public sector bank. As on 30 June 2022, Government of India held 73.15% stake in the bank. As on 30 June 2022, the bank had 10,058 number of branches and 13,219 number ATMs.

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