The Bank's net profit for the quarter ended Dec 30, 2013 came in at Rs 755 crores, as against Rs 505.49 crores in the previous quarter ending Sept 30, 2013.
A key parameter for banks, non performing assets (NPAs) declined for PNB with gross NPA coming in at 4.96 per cent, from 5.14 per cent earlier. Net NPAs also dropped to 2.80 per cent from 3.07 per cent earlier.
The capital adequacy ratio for the bank as per Basel II was placed at 11.06 per cent.
Markets were encouraged with the fall in the non performing assets and the stock of the bank rallied sharply by 5 per cent, to Rs 541.
Interestingly, other PSU banking stocks also rallied, following the encouraging results from Punjab National Bank.