PUNJAB NATIONAL BANK DECLARES ITS Q1 RESULTS FOR THE YEAR 2015-16
Punjab National Bank declared its financial results for Q1 Jun’15 today.
Global business grew by 13.4% (over March’ 15) out of which global deposits showed a growth of 16.4% whereas global advances registered a growth of 9.6% over March’15.
The country’s largest domestic nationalized bank has maintained its operating profits at Rs. 3132 crore, despite delayed recovery in the economy.
Deteriorating asset quality in Banks, especially PSBs, remains a concern for the investors. Nevertheless, the New Delhi based lender has shown a reduction in its gross NPAs, from 6.55% in Mar’ 15 to 6.47% in the last quarter.
Pace of slippages slowed down with slippages standing at Rs. 2802 crore in Q1 Jun’15 compared to over Rs. 7000 crore in Q4 Mar’15.
In line with this, Bank has been able to contain addition to its restructured accounts portfolio at less than Rs 700 crore. This has been the first quarter after eight quarters sequentially wherein the Bank has shown terminal level improvement in NPAs.
Going forward, the financials of the bank are likely to improve further with firming of growth in the economy. PNB plans to move forward with digitalization, revamped operations, new products, strengthened CASA base, reduction in NPA and increase in advances with its largest network of branches spread in pan-India.
