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The net profit of Punjab National Bank rose 327% year-on-year in July-September quarter, aided by a growth in its loan book and lower provisions.The state-owned bank posted a net profit of Rs 1,756 crore, up 40% on a sequential basis.

The net profit was much higher than the Rs 1,163 crore estimated by Bloomberg.

Retail loans rose 40.2% year-on-year to Rs 2.2 trillion as on September 30. Of the retail portfolio, core retail rose nearly 17% year-on-year to Rs 1.5 trillion.

Personal loans rose 39% to Rs 19,868 crore.

Home loans and vehicle loans rose 14% and 28.3%, respectively.

Agriculture segment rose 4.5% to Rs 1.5 trillion. Micro, small and medium-sized enterprises (MSME) segment rose 6.5% to Rs 1.4 trillion.

The share of retail, agriculture, and MSME loans within the overall portfolio rose 218 basis points (bps) to 55.6% as on September 30.

Corporate loans and other segments rose 8.3% to Rs 4 trillion as on September 30.

Domestic deposits rose 9.4% to Rs 12.8 trillion.

Total term deposits rose 15.3% to Rs 7.7 trillion as on September 30. Low-cost current account savings account deposits rose 2.6% to Rs 5.4 trillion.

CASA share to domestic deposits fell to 42.15% as on September 30 from 44.9% a year ago.

Net interest income, difference between interest earned and interest expended rose nearly 20% to Rs 9,923 crore in the quarter under review. Net interest margin rose to 3.24% in the September quarter from 3.11% a year ago.

However, the state-owned bank’s cost of funds rose to 4.21% as on September 30 from 3.39% a year ago.

ASSET QUALITY

Domestic gross non-performing asset ratio fell to 7.06% as on September 30 from 10.7% a year ago. Gross non-performing asset ratio was highest in the MSME, and agriculture segment.

Provisions fell nearly 30% to Rs 3,444 crore in the quarter under review.

Slippages ratio fell to 0.86% as on September 30 from 3.34% a year ago.

Cash recoveries and upgrades were Rs 3,498 crore in the quarter under review. Fresh slippages were Rs 1,750 crore. The bank wrote-off bad loans worth Rs 3,665 crore in the quarter under review.

The bank recovered loans worth Rs 5,333 crore in the September quarter.

Provision coverage ratio rose to 91.9% as on September 30 from 83.96% a year ago. Capital to risky asset ratio rose to 15.09% as on September 30 from 14.7% a year ago.