Punjab National Bank (PNB) reported a 327 per cent jump in net profit to Rs 1,756.13 crore in the September quarter — the highest in the previous 14 quarters — on the back of higher interest income and improved credit quality.

The bank’s net interest income grew about 20 per cent to Rs 9,923 crore during the second quarter, while operating profit grew 12 per cent to Rs 6,216 crore.

Shares of PNB closed at Rs 69.81 on Thursday, up 0.52 per cent over the previous close on the BSE.

Punjab National Bank MD & CEO Atul Kumar Goel said credit cost will reduce in the coming quarters and profitability of the bank will increase. The net interest income, net profit, and operating profit are highest in the past 14 quarters, he said.

“RAM (retail, agri and MSME sectors) will be the focus areas of PNB. In the first half of the current fiscal (April-September), we achieved a profitabiity of over Rs 3,000 crore. I am hopeful that we will be able to maintain the same profitability in the third and fourth quarters,” Goel told reporters here.

The bank will open 100-150 new branches in the current fiscal, he added.

Canara Bank

Canara Bank on Thursday reported a 43 per cent rise in net profit to Rs 3,606 crore during the September quarter on higher interest income and lower provisioning. The bank posted a net profit of Rs 2,525 crore in the July-September quarter of 2022-23 fiscal.

The Bangalore-based public sector bank’s net interest income grew 19.76 per cent to Rs 8,903 crore.

Indian Bank

Indian Bank on Thursday reported a 62 per cent growth in net profit at Rs 1,988 crore for the September quarter.

The bank had posted a net profit of Rs 1,225 crore in the year-ago period.