Operating profit (before provisions and contingencies) jumped 12% to Rs 6,216 crore in the reporting period against Rs 5,567 crore in the last year period. Provisions during the second quarter fell nearly 30% year-on-year (YoY) to Rs 3,444 crore. The same stood at Rs 4,906 crore in the corresponding quarter of previous year.
Punjab National Bank shares have seen a correction of more than 7 per cent in the last two sessions but the medium-term outlook appears relatively bullish.
The banking system’s credit growth remained healthy at 15 per cent (ex-HDFC) for the fortnight ended September 8, 2023, running above the 12-13 per cent growth noted by Emkay Global.