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Punjab National Bank Announced Financial Results for the Quarter Ended 30th June 2023



Mumbai, 26 July 2023: Punjab National Bank announced their Q1FY24 results today. Net profit for Q1FY24 was at Rs 1255 Crore and grew by 307.02% on YoY basis. Operating Profit was at Rs 5,968 Crore during Q1FY24 grew by 10.95% on YoY basis. Net Interest Income increased by 26.00% YoY to Rs 9,504 Crore in Q1FY24. Global NIM improved by 29 bps on YoY basis to 3.08% in Q1FY24 from 2.79% in Q1 FY23. GNPA ratio improved by 354 bps on YoY basis to 7.73% as on June’23 from 11.27% as on June’22. NNPA ratio improved by 230 bps on YoY basis to 1.98% as on June’23 from 4.28% as on June’22. Provision Coverage Ratio (including TWO) improved by 679 bps on YoY basis to 89.83% as on June’23 from 83.04% as on June’22. Provision Coverage Ratio (PCR) Excluding TWO improved by 1105 bps YoY to 75.84% in June’23 from 64.79% in June’22. Slippage ratio improved to 1.19 % in Q1FY24 from 3.75 % in Q1FY23. Credit Cost declined by 47 bps on YoY basis to 1.99% in Q1FY24. Global Business increased by 14.3%on YoY basis to Rs 22,14,741 Crore as on June’23 as against Rs19,36,924 Crore as on June’22. Global deposits grew by 14.18% on YoY basis to Rs 12,97,905 Crore as on June’23. Global Advances grew by 14.58% on YoY basis to Rs 9,16,836 Crore as on June’23. RAM share improved by 217 bps on YoY basis to 54.74% as on June’23.

Business Performance in Key Parameters (June’23) were good. Savings deposits increased to Rs 4,64,004 Crore as on June’23 from Rs 4,47,258 Crore as on  June’22. Current deposits were at Rs 66,838 Crore as on June’23. CASA Share (Domestic) stands at 41.9% as on June’23. Core Retail Advances grew YoY by 16.2% to Rs 1,41,040 Crore as on June’23. Within Core Retail Credit, Housing Loan increased by 12.5% on YoY basis to Rs 83,893 Crore. Vehicle loan increased by 27.1% on YoY basis to Rs 17,093 Crore. Personal Loan increased by 46.4% on YoY basis to Rs 18,940 Crore. Total Retail increased by 40.14% YoY basis from Rs 1,46,321 Crore in June’22 to Rs 2,05,058 Crore in June’23. Agriculture Advances grew by 9.26% on YoY basis to Rs 1,45,572 Crore in June’23. MSME Advances grew by 5.96% on YoY basis to Rs 1,32,398 Crore in June’23.

Profitability witnessed a growth.  Net interest income was at Rs 9504 Crore for Q1 FY’24 registering growth of 26.0% on YoY basis. Total Income of the Bank for Q1 FY24 was at Rs 28,579 Crore recording growth of 34.2% on YoY basis. Total Interest Income of the Bank for Q1FY24 was at Rs 25,145 Crore recording growth of 34.1% on YoY basis. Non-interest income for Q1 FY24 was at Rs 3,434 Crore and it grew by 35.3 % on YoY basis. Total Interest Expenses of the Bank for Q1FY24 was at Rs15,641 Crore recording growth of 39.5 % on YoY basis. Other Operating Expenses for Q1FY24 was at Rs 2,483 Crore and it grew by 15.3% on YoY          basis.

Efficiency Ratio saw the Global Yield on Advances improved to 8.05% in Q1FY24 as compared to 6.49% in Q1FY23. Global Cost of Deposits increased to 4.72% in Q1FY24 as compared 3.79% in Q1FY23. Business per employee improved to Rs 22.22 Crore in June’23 from Rs19.14 Crore in June22. Business per branch improved to Rs 214.77 Crore in June’23 from Rs 188.85 Crore in June’22. Net profit per employee improved to Rs 5.18 lakh in Q1FY24 from Rs 1.24 lakh in Q1FY23. Net profit per branch improved to Rs 49.95 lakh in Q1FY24 from Rs12.28 lakh in Q1FY23.

Gross Non-Performing Assets (GNPA) were at Rs 70,899 Crore as on June’23 as against Rs 90,167 Crore as on June’22 declined by Rs 19268 crore on YoY basis. Net Non-Performing Assets (NNPA) were at Rs 17,129 Crore as on June’23 as against Rs 31,744 Crore as on June’22 declined by Rs 14615 crore on YoY basis.

Capital Adequacy (CRAR) improved from 14.82% as on June’22 to 15.54% as on June’23. Tier-I is at 12.29 % (CET- 1 was at 10.85%, AT1 was at 1.44%) and Tier-II is at 3.25% as at June’23.

Priority Sector Advances exceeded the National Goal of 40% and was at 42.52% of ANBC. Agriculture advances exceeded the National Goal of 18% and was at 18.12% of ANBC. Credit to Weaker Sections exceeded the National Goal achievement of 12% and was at 13.52% of ANBC. Credit to Micro Enterprises exceeded the National Goal achievement of 7.50% and was at 8.16%             of ANBC.

PMJDY account increased to 466 lakhs as on June’23 from 429 Lakh in June’22. Enrollment under PMJJBY PMSBY & APY:

(No. In Lacs)

Pradhan Mantri Jeevan Jyoti Bima Yojana 45.36 58.99
Pradhan Mantri Suraksha Bima Yojana 187.03 221.73
Atal Pension Yojana 21.74 30.12

PNB Digitization showed an upward progress last fiscal. Number of UPI Transactions increased by 3.4 times to 26.3 lakh in Q1FY24 from 7.6 lakh in Q1FY23. Active PNB ONE (Mobile App) users increased to 134 Lakhs recorded 139% YoY growth during Q1FY24 from 56 lakh in Q1 FY23. Number of transactions done through PNB ONE (Mobile App) increased by 1.8 times to 112 lakh in Q1FY24 from 62 lakh in Q1FY23. Internet Banking Services (IBS) users increased to 399 Lakhs recorded 15% YoY growth during Q1FY24.

PNB One App Adoption saw average daily downloads increased from 14.6 thousand in March’22 to 28.9 thousand in       June’23. Average daily active users increased from 3.3 Lakh in March’22 to 6.7 lakh in June’23. Daily login improved from 6 Lakh in March’22 to 13 Lakh in June’23. Daily Transactions improved from 76 thousand in March’22 to 130 thousand in June’23.

Bank is focused on facilitating ease of service and enhanced customer experience through launch of following digital journeys:


  • Digital Home Loan- For providing Pre-approved Housing Loan.
  • Digital Vehicle Loan- Digital Vehicle Loan to Bank’s existing customers.
  • Loan against Securities (eLAS)- Loan against Bond/Debenture/Shares/Mutual Funds/Sovereign Gold Bond for existing customer for personal use.
  • Digital Education Loan.


  • e-GST Express- Digital lending against GST through PNB GST Express Loan.
  • PM e-SVANidhi- To make the Svanidhi loan to be more flexible and easily accessible for all eligible urban street vendor.


  • e-NWR (e-godown)- Financing against electronic negotiable warehouse receipt.
  • Agri Gold Loan- To provide hassle-free credit to ETB/NTB customers for personal use against security of gold ornaments.
  • Agriculture Value Chain Financing (FPO).

As on 30th June’23, the Bank has 10080 number of Domestic branches. Rural: 3898 (39%) Semi-Urban: 2456 (24%), Urban: 1998 (20%) & Metro: 1728 (17%), 2 International Branches, 12820 number of ATMs and 25115 BCs.

The bank won numerous awards & accoladed during Q1 FY24 such as Atal Pension Yojana (APY) National Championship and Annual Target Achievement Award by Pension Fund Regulatory and Development Authority (PFRDA); Infosys Finacle Innovation Awards 2023 for Maximizing Customer Engagement – Platinum winner-PNB One – Super App & Channel Innovation – Gold winner-e-OTS; 3rd position under Public Sector Banks category in the NPS Recognition Programme for FY 2022-23 by Pension Fund Regulatory and Development Authority (PFRDA); Industry Best Data Quality (DQ) – Index for FY 2022-23 in consumer segment by TransUnion CIBIL.