Punjab National Bank posts Net Profit of Rs. 308 crores in Q1 FY21

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Punjab National Bank posts Net Profit of Rs. 308 crores in Q1 FY21

Key Highlights:
• CASA deposits up by 10.1% YOY
• Provision Coverage Ratio (PCR) improved significantly by 1038 bps on Y-o-Y basis and stood at 80.75%
• CRAR as per Basel III stood at 12.63% on June 20
• Net NPA ratio at 5.39% down by 158 bps YOY
• Wider geographical presence with a combined distribution network of 10930 branches & 13856 ATMs in India
• The customer base of 18 Crore+ customers with deposits and advances stood at Rs. 10.75 lakh crore and Rs. 7.22 lakh crore

New Delhi, August 22, 2020: Punjab National Bank, India’s second-largest public sector bank today announced its financial result for the Quarter ended 30th June 2020. The bank recorded a Net profit of INR 308 crore. Global Business of the bank reached Rs. 17,96,612 Crore. The amalgamation process is on course with the rollout of verticalized organizational structure, completion of harmonization of process, augmented capacity, capability, and outreach.

Operating profit grew by 2.5% on a YOY basis to Rs. 5,280 Crore in Q1 FY’21. CRAR as on June 30, 2020, improved to 12.63%. Gross NPA ratio is at 14.11% as on June 20 as against 15.49% in June 19. Net NPA ratio reduced to 5.39% as on June 20 down from 5.51% as on March 20 and 6.97% as on June 19. Provision Coverage Ratio (PCR) improved to 80.75% as on June 20 from 70.37% as on June 19. Internet Banking users crossed 233 Lakh. UPI transactions increased by 76% YOY to 19.16 Crore. POS installed increased YOY by 17.78% to 88,204. Bharat/BHIM QR Code installed increased YOY by 139% to 1,73,958.

The bank has rolled out a verticalized organization structure to improve operational efficiency and provide steady growth momentum. Business and control functions have been segregated to have a focused approach for business development and improve customer service. Departmental Verticals at Head Office have been re-organized, and the number of Zonal Offices & Circle Offices have been increased to 24 and 161, respectively. 57 Customer Acquisition Centers for focusing on liability business from Corporates, Institutions, HNIs, NRIs including Wealth Management and Retail Business.

Author: sarkarimirror