State-owned Punjab National Bank (PNB) on Wednesday reported a 65.5 percent year-on-year (YoY) decline in net profit at Rs 201.6 crore for the fourth quarter ended March 31, 2022.

In the corresponding quarter last year, the bank posted a net profit of Rs 586.3 crore. CNBC-TV18 Polls had predicted a profit of Rs Rs 1,388.1 crore for the quarter under review.

Total standalone income during the January-March quarter of 2021-22 stood at Rs 21,095 crore, down from Rs 21,386 crore in the same period of 2021-21, PNB said in a regulatory filing. For the entire FY22, standalone net profit jumped by 71 percent to Rs 3,456.96 crore as against Rs 2,021.62 crore in FY21, the bank said.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, grew 5 percent YoY to Rs 7,304.1 crore against Rs 6,956.8 crore in the same period previous fiscal.

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Gross NPA stood at 11.78 percent in the March quarter against 12.88 percent in the December quarter. Net NPA came at 4.88 percent against 4.9 percent quarter-on-quarter.

In monetary terms, gross NPA stood at Rs 92,448 crore against Rs 97,259 crore quarter-on-quarter (QoQ), whereas Net NPA came at Rs 34,908.7 crore against Rs 33,879 crore (QoQ).

On a consolidated basis, the bank's net profit in Q4 FY22 was down by 55 percent to Rs 245 crore as against Rs 547 crore in the same period a year ago. Total income during the quarter also fell to Rs 21,350.59 crore from Rs 21,633.84 crore.

The full-year consolidated net profit of the bank stood at Rs 3,675.96 crore, up by 71 percent from Rs 2,152.43 crore. Total income during 2021-22, however, fell to Rs 88,339.49 crore as against Rs 94,169.95 crore in 2020-21.

The provisioning coverage ratio as of March 31, 2022, works out to 81.60 percent (80.14 percent as of March 31, 2021).

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The Board of Directors has also recommended a dividend of Re 0.64 per equity share (32%) of the face value of 2/- each to the shareholders of the bank for the year 2021-22, subject to the approval at the ensuing annual general meeting of the bank.

The results came after the close of the market hours. Shares of Punjab National Bank ended at Rs 33.10, down by Rs 0.20, or 0.60 percent on the BSE.

First Published:May 11, 2022 9:11 PM IST