Q4 Result: Large PSU Bank Announces Massive Jump In PAT, 32.5% Dividend

Large government-owned lender, Punjab National Bank (PNB) on Friday announced a massive jump of 477% in its standalone net profit at Rs 1159 crore for March 2023 quarter. The PSB declared 201 crore net profit in the year ago quarter. The board of directors of PNB recommended a dividend of Rs 0.65 per equity share for FY 2022-23. PNB share jumped 1.61% intraday to end at Rs 49.26 apiece. Check
details below:

PNB Q4: The bank’s net interest income (NII) for the quarter under consideration declared at Rs 9,499 crore, up 30%, against Rs 7,304 crore announced in the corresponding quarter of last year. Provisions for loan losses declined 20% YoY to Rs 3,625 crore for the quarter under consideration. Provisions (other than tax) and contingencies declined 21% to Rs 3,830 crore in the fourth quarter against Rs 4,851 crore announced in the same quarter last year.

For the whole year, Punjab National Bank’s net profit came down 27% to Rs 2507 crore. It was reported Rs 3,456 crore in fiscal 2022. NII for the whole year announced at Rs 34,492 crore

PNB Board Declares Dividend: According to the BSE filing of the bank, “Recommended Dividend of Rs.0.65 per equity share (32.5%) of face value of Rs.2/- each for FY 2022-23, subject to declaration/approval of the shareholders at the ensuing 22nd Annual General Meeting of the Bank.”

The Record Date for payment of Dividend will be Friday, 23rd June, 2023.

PNB Stock Performance & Return: Last trading price of PNB Share is Rs 49.26 apiece with the gain of 1.61% on May 19, 2023. The stock’s 52-week high price is Rs 62.05 apiece and 52-week low price is Rs 28.05 apiece, respectively. The bank’s market capitalisation is Rs 54,240.26 crore. PNB shares rallied 69% in last 1-year, 36% in last 2-years, and 84% in last 3-years. In last 2-week, PNB shares declined 6%.

PNB About: Punjab National Bank (PNB), India’s first Swadeshi Bank, commenced its operations on April 12, 1895 from Lahore, with an authorized capital of Rs. 2 Lakh and working capital of Rs. 20,000. The Bank was established by the spirit of nationalism and was the first bank purely managed by Indians with Indian Capital. During the long history of the Bank, 9 banks have been merged/ amalgamated with PNB, according to its official website.