This PSU Bank Urges Customers To Update KYC By 12th August For Smooth Account Operations

To ensure seamless account operations, the nation's leading public sector bank, Punjab National Bank (PNB), has asked its customers to update their Know Your Customer (KYC) by August 12, 2024, in compliance with Reserve Bank of India (RBI) regulations. This is only relevant to customers whose accounts needed to have their KYC updated as of March 31, 2024.

"As part of the KYC compliance exercise, PNB customers are requested to provide their updated information like identity proof, address proof, recent photo, PAN, income proof, mobile number (if not available) or any other KYC information to their base branch. It can be done through PNB ONE App/Internet Banking Services (IBS)/registered e-mail/post or in person visit to any branch by 12.08.2024. Failure to update KYC details within the stipulated time may result in restrictions on account operations," Punjab National Bank said in a statement.

State-owned lender Punjab National Bank increased its funds-based lending rate (MCLR) on Thursday, August 1, by 0.05 per cent, or 5 basis points, for all tenors. The revised rates will take effect on August 1, 2024.

Also, PNB has made available its earnings information for the quarter that ended on June 30, 2024. Compared to Q1 FY'24, when net profit was Rs 1,255 Crore, it rose Y-o-Y by 159% to Rs 3,252 Crore in Q1 FY'25. Net Interest Income (NII) improved 10.23% year on year to Rs 10,476 crore in Q1 FY'25 from Rs 9,504 crore in Q1 FY'24. From Rs 5,968 Crore in Q1 FY'24 to Rs 6,581 Crore in Q1 FY'25, operating profit climbed YoY by 10.27%. The bank's total income jumped by 12.5% year on year to Rs 32,166 crore in Q1 FY'25 from Rs 28,579 crore in Q1 FY'24.

The bank's total interest income jumped 13.6% year on year to Rs 28,556 crore in Q1 FY'25 from Rs 25,145 crore in Q1 FY'24. The bank's fee-based income climbed 16.3% year on year to Rs 2,077 crore in Q1 FY'25 from Rs 1,785 crore in Q1 FY'24. In Q1 FY'25, return on equity (RoE) jumped to 16.82% from 7.50% in Q1 FY'24, while return on assets (RoA) increased to 0.82% from 0.34% in Q1 FY'24. According to PNB, its gross non-performing assets (GNPA) dropped from Rs 70,899 crore on June 23 to Rs 51,263 crore on June 24. This fall was reported as Rs 19.636 crore.

Net Non-Performing Assets (NNPA) dropped from Rs 17,129 Crore on June 23 to Rs 5,930 Crore on June 24. This fall was equivalent to Rs 11,199 Crore.

The bank maintained 2 international branches and 10,150 domestic branches as of June 30, 2024. The bank's distribution network also includes 32,630 BCs and 12,080 ATMs.