Punjab National Bank's Deposit, Advances Grow In Q2, Stock Reacts
Punjab National Bank's global deposits also showed a healthy rise of 11.4%, reaching Rs 13.1 lakh crore.
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Punjab National Bank's advances and deposits saw growth in the second quarter of fiscal 2025, as per a business update. Other financial metrics also saw growth.
For the quarter ending Sept. 30, 2024, PNB's domestic advances surged by 11.8% year-on-year, reaching Rs 9.05 lakh crore. This growth indicates a strong demand for credit among businesses and consumers alike. Similarly, global advances increased by 13% year-on-year, amounting to Rs 9.42 lakh crore.
On the deposits front, PNB reported domestic deposits of Rs 12.7 lakh crore, marking a 10.9% increase compared to the same quarter last year. The bank's global deposits also showed a healthy rise of 11.4%, reaching Rs 13.1 lakh crore.
In terms of overall business performance, PNB reported domestic business growth of 11.3%, totalling Rs 21.8 lakh crore, while global business rose by 12.1%, reaching Rs 22.5 lakh crore.
As of September 2023, Punjab National Bank had a total of 51,519 touchpoints, comprising 10,092 domestic branches, two international branches, 12,645 ATMs, and 28,782 business correspondents. The bank's gross global business was Rs 22.51 trillion by the end of September 2023, as per its official website.
Punjab National Bank Share Price
Shares of the lender fell as much as 2.10%, before paring loss to trade 0.54% higher at Rs 105.78 apiece, as of 10:25 a.m. This compares to a 0.60% advance in the NSE Nifty 50.
The stock has risen 27.14% in the last 12 months. Total traded volume so far in the day stood at 3.2 times its 30-day average. The relative strength index was at 41.
Out of 18 analysts tracking the company, six maintain a 'buy' rating, five recommend a 'hold' and seven suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 11.8%.
