Mumbai, May 10: Punjab National Bank (PNB) on Thursday reported a 160 per cent surge in its net profit to Rs 3,010 crore in the Jan-March quarter of the financial year 2023-24 compared to the corresponding figure of Rs 1,159 crore same quarter last year.On a sequential basis, the state-run lender’s net profit jumped by 35.4 per cent compared to the Oct-Dec quarter.
The bank’s board of directors have recommended a dividend of Rs 1.50 per equity share (75 per cent) for the year ended March 31, 2024 subject to requisite approvals, according to a PNB statement.
The bank’s gross non-performing assets (NPA) ratio declined to 5.73 per cent of total loans, as against 6.24 per cent a quarter ago, and 8.74 per cent in the same quarter last year.