Lucknow: Punjab National Bank (PNB), the country’s second largest public sector bank, has given excellent results in the quarter ended December of the current financial year. PNB’s net profit has grown by about 123 per cent in this period. The net profit of PNB has increased to Rs 1126.78 crore during the third quarter of the financial year ended December 31, 2021, as compared to the net profit of the bank at Rs 506.03 crore in the same period last year.
On Friday, PNB’s Managing Director (MD) and Chief Executive Officer CH S.S. Mallikarjuna Rao announced the results for the third quarter of the current financial year. He said that the operating profit of the bank has increased by 26.24 per cent to Rs 5076 crore as compared to the previous quarter. Earlier, operating profit in the second quarter stood at Rs 4021 crore. With this, the net interest income of the bank has increased by 22.8 percent. However, during the third quarter of October to December 2021, PNB’s total income has come down to Rs 22026.02 crore as against Rs 23298.53 crore a year ago. Not only this, the net interest income (NNI) of the bank has also declined by 6.5 per cent to Rs 7803.2 crore from Rs 8313 crore in the same period a year ago.
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Retail credit up 7.7 per cent to Rs 124201 crore
PNB MD & CEO said that in the third quarter of the current financial year, retail credit grew by 7.7 percent year-on-year to Rs 124201 crore. Advances to agriculture sector have increased by 6.2 per cent year-on-year to Rs 102412 crore, while advances to MSME sector have increased by 4.1 per cent to Rs 123225 crore. Domestic CASA share has been able to achieve a growth of 45.65 per cent with an improvement of 99 points on a year-on-year basis. The bank’s digital transactions improved by 70 per cent in the third quarter from 66 per cent in the quarter ended September. Following the path of recovery after the Corona crisis, home loans grew by 6.2 per cent year-on-year to Rs 74483 crore in the quarter ended December 2021, while vehicle loans grew by 23.2 per cent year-on-year to Rs 11542. crore has been Rs. Personal loans grew at 7.8 per cent year-on-year and gold loans by 15.3 per cent.