Strong rise in PNB shares, investors are getting rich

PNB: Shares of public sector Punjab National Bank (PNB) saw a strong rally after the announcement of the first quarter (FY 2024-25 Q1 result) results. As the domestic stock market opened on Monday, July 29, 2024, its share price on the BSE Sensex rose about 13 percent. Meanwhile, on the Sensex at 1.54 pm, PNB shares traded at Rs. A share is trading at Rs 127.84 with a gain of 7.89 or 6.58 percent. Apart from this, along with PNB, shares of State Bank of India (SBI), Bandhan Bank and IndusInd Bank also saw gains on the first day of the trading week. PNB's net profit for the first quarter of fiscal year 2024-25 (FY 2024-25) in April rose 160% in the first quarter, news agency Pasha reported. In the June quarter of the current financial year, Rs. 3,252 crores. PNB's June quarter profit was its highest ever on a standalone basis. The company has been helped by reduction in bad debt and improvement in interest income. The company's net profit for the first quarter of FY2023-24 was Rs 1,255 crore. PNB's total income stood at Rs 32,166 crore, the bank's highest quarterly profit in the June quarter due to improvement in various parameters including net interest income, recovery and CASA. BNP said its total income rose to Rs 32,166 crore in the quarter under review from Rs 28,579 crore in the corresponding quarter last fiscal. The bank's interest income increased to Rs 28,556 crore in the June quarter from Rs 25,145 crore in the corresponding quarter of last financial year. PNB's net interest income (NII) increased to Rs 10,476 crore in the June quarter. Also Read: Diabetes Medicine: Diabetes medicine price hiked by Rs 30 in just 6 months, what is the real cost? PNB's NPA down: According to the report, PNB's gross non-performing assets (PNB NPA) has come down to 4.98 per cent of total advances by June 2024, from 7.73 per cent in the same quarter a year ago. Net NPA declined to 0.60 per cent after the June quarter, as against 1.98 per cent after the corresponding quarter last fiscal. As a result, the provision for bad loans fell sharply to Rs 792 crore from Rs 4,374 crore in the April-June financial year. Also Read: IPO: Stock market buzz from August 2, Pavish Agarwal's big announcement on Ola's IPO, BNP shares rise strongly, investors get rich.