Punjab National Bank (PNB) shares surged over 5% following the announcement of its financial results for the quarter ending September 30, 2024. The bank posted robust growth, with significant improvements in both net interest income (NII) and net profit, reflecting its solid financial health.
In Q2 FY25, PNB’s net interest income increased by 15.2% year-on-year to ₹10,567 crore, up from ₹9,173 crore in the same quarter of the previous year. This growth was driven by a rise in interest earned, which reached ₹29,875 crore, compared to ₹26,354 crore in Q2 FY24.
PNB’s net profit also saw a substantial jump, surging by 36.2% YoY to ₹2,706 crore, compared to ₹1,988 crore in Q2 FY24. The impressive increase in profit was primarily due to better cost management and improved asset quality.
As of 2:00 PM the shares were trading 6.45% higher at ₹101.89 on NSE
Key Financial Highlights:
- Total Income: ₹34,447 crore, reflecting steady growth.
- Interest Earned: ₹29,875 crore, compared to ₹26,354 crore in Q2 FY24.
- Operating Expenses: Increased to ₹8,235 crore from ₹7,505 crore a year ago.
The strong quarterly performance has boosted investor confidence, leading to the notable rise in PNB’s share price in today’s trading session.
