PNB Q4 Results: Other income contributes to profit, asset quality stable

State-run Punjab Bank Ltd. reported results for the March quarter, on Wednesday, May 7, where its core income saw a rise from last year, contrary to a fall seen in peer Bank of Baroda.

PNB's net profit went up by 52% from the same quarter last year to ₹4,567 crore. The profitability was aided by a higher other income, which stood at ₹4,716 crore from ₹4,248 crore in the year-ago quarter, and lower provisions from the year-ago quarter.

Provisions for non-performing assets stood at ₹588.31 crore at the end of the March quarter, compared to ₹1,958 crore during the same quarter last year. However, provisions are compared on a quarter-on-quarter basis and they are higher compared to the December quarter figure of ₹317 crore.

Net Interest Income, or core income of the bank grew by 3.8% on a year-on-year basis to ₹10,757 crore.

PNB's asset quality remained stable, with gross NPA at 3.85% from 4.09% in December, while Net NPA stood at 0.4% from 0.41% last quarter.

Shares of Punjab Bank are recovering from the lows of the day, currently trading 1% higher at ₹95.41. The stock has remained flat over the last one month, but has declined 7% during the year so far.