PNB Bank Update: Has become the third public sector bank of India with a market value beyond Rs 1 lakh crore. As the shares reached a high of Rs 91.81 this morning, the market value of the bank reached Rs 1.01 lakh crore.
PNB News: Punjab National Bank has become the third public sector bank in India with a market value crossing Rs 1 lakh crore. PNB shares have contributed in achieving this milestone, which has registered a rise of more than 60 percent this year. As Punjab National Bank shares reached a high of Rs 91.81 at 9.30 am today, the market value of the bank reached Rs 1.01 lakh crore. Before PNB, State Bank of India and Bank of Baroda had already touched this milestone.
The rise in the shares of Punjab National Bank is also due to the rise in the stocks of government companies. According to analysts, shares of government banks are undervalued compared to private banks. Now public sector banks have been successful in achieving low slippage ratio and reducing credit cost by improving their asset quality and balance sheet.
Bank’s net profit jumped by 27 percent: Punjab National Bank, in the results declared for the September quarter, has said that its net profit has jumped by 327 percent to Rs 1756 crore. PNB’s interest income increased to Rs 9,923 crore in the September quarter. Which was Rs 8,270 crore during the same period last year. The gross NPA of the bank has reduced to 6.96 percent, which was 10.48 percent in the same period last year. Net NPA has also come down from 3.80 to 1.47 percent as compared to last year.
Bank deposits increased: Saving deposits in banks increased to Rs 4,71,238 crore by September 2023, from Rs 4,51,707 crore in September 2022. Current deposits as of September 2023 stood at Rs 67,038 crore. On an annual basis, housing loans increased by 13.7 percent to Rs 87,430 crore, vehicle loans increased by 28.3 percent to Rs 18,010 crore and personal loans increased by 39.0 percent to Rs 19,868 crore.
