Thanks in part to robust domestic demand, JSW Steel, the largest steelmaker by capacity in India, posted a nearly five-fold increase in third-quarter earnings on Thursday. For the quarter ending December 31, the combined net profit increased to 24.15 billion rupees ($290.7 million) from 4.90 billion rupees the previous year.
The government-owned Punjab National Bank (PNB) reported a profit growth of more than three times to Rs 2,223 crore for the third quarter that concluded in December 2023 on Thursday. In the same quarter a year prior, the bank had made a net profit of Rs 629 crore.
According to a regulatory statement from PNB, its overall income for the quarter under review was Rs 29,962 crore, up from Rs 25,722 crore during the same time the previous year. In the third quarter of the previous fiscal year, the bank's interest income was Rs 22,384 crore, but it increased to Rs 27,289 crore.
By the end of December 2023, its gross non-performing assets (NPAs) had dropped from 9.76 percent of gross loans to 6.24 percent. In a similar vein, at the conclusion of the third quarter of the previous fiscal year, net non performing assets, or bad loans, decreased from 3.30 percent to 0.96 percent.
