PNB shares rally 7% after reporting 159% YoY jump in Q1 profit. Should you invest?
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Shares of state-owned lender Punjab National Bank (PNB) rallied 7% to the day’s high of Rs 128 on BSR after reporting a 159% year-on-year (YoY) jump in its net profit for the quarter ended June 30, 2024, while the bank’s net interest income (NII) rose to Rs 10,476 crore, up by 10% YoY. The net profit for the period stood at Rs 3,252 crore versus a PAT of Rs 1,255 crore in the corresponding quarter of the previous financial year. The global and domestic net interest margins of the bank stand at nearly 3%. Total Income of the bank was booked at Rs 32,166 crore for Q1 FY25 from Rs 28,579 crore for Q1 FY24, recording a growth of 12.5%. The GNPA ratio for the quarter has improved by 275 bps on YoY basis to 4.98% from 7.73% in June 2023, while its NNPA ratio was up by 138 bps YoY to 0.60%. Among other highlights, the savings deposits registered a 4.4% YoY growth, increasing to Rs 4,84,377 crore and its current deposits and CASA Deposits stood a...