Lucknow: Describing the Global Investors Summit (GIS) to be held in Uttar Pradesh in February as a big opportunity, Punjab National Bank (PNB) said that it will help industries a lot. PNB Managing Director and CEO Atul Kumar Goyal said that the bank will provide financial assistance in setting up industrial projects ranging from small and medium industries to large corporate houses in Uttar Pradesh. He said that PNB is also a major participant in GIS and senior officials of the bank would participate in it.
PNB MD & CEO while announcing the bank’s third quarter financial results on Monday told the media that the bank has financed several projects in Bundelkhand. In the coming days, the reach of PNB in Uttar Pradesh will increase further. Announcing the financial results, Goyal said that PNB’s net profit increased by 53.04 per cent in the third quarter while NPAs decreased.
PNB’s net profit increased by such percentage
He informed that the net profit of PNB has increased by 53.04 per cent to Rs 629 crore in the third quarter of the financial year 2022-23. On an annual basis, the operating profit of the bank has increased by 12.61 percent to Rs 5716 crore in the third quarter. In the third quarter, the bank’s total interest income has increased by 17.63 percent year-on-year to Rs 9,179 crore. Gross Global Advances grew by 13.43% YoY to Rs 8,56,757 crore as on December 31, 2022. PNB’s core retail credit grew by 13.54 per cent year-on-year to Rs 13,042 crore for the quarter ended December 31, 2022.
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Global deposits grew by 7.37 per cent on an annual basis
During this period, global deposits have increased by 7.37 percent on an annual basis to Rs 12,10,359 crore, which was Rs 11,27,317 crore in December 2021. The gross NPA of the bank improved to 9.76 per cent from 12.88 per cent in December 2021. At the same time, the net NPA improved by 160 basis points to 3.30 per cent from 4.90 per cent in December 2021. The capital adequacy ratio of the bank stands at 15.15 per cent as on December 2022 with an improvement of 24 basis points on a yearly basis and an improvement of 41 basis points on a quarterly basis.