New Delhi, Jul 26 (PTI) Shares of Punjab National Bank (PNB) on Wednesday jumped over 4 per cent after the company posted a four-fold surge in standalone net profit to Rs 1,255 crore in the April-June quarter.

The stock rallied 4.17 per cent to end at Rs 63.21 on the BSE. During the day, it surged 5.12 per cent to Rs 63.79.

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At the NSE, it jumped 4.11 per cent to settle at Rs 63.20.

In terms of volume, 83.33 lakh shares of the company were traded at the BSE and over 16.60 crore shares on the NSE during the day.

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State-owned Punjab National Bank on Wednesday posted a four-fold surge in standalone net profit at Rs 1,255 crore in the April-June quarter, mainly due to a decline in bad loans and improvement in interest income.

The country's second-largest lender had posted a net profit of Rs 308 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 28,579 crore as against Rs 21,294 crore, PNB said in a regulatory filing.

The lender's interest income also increased to Rs 25,145 crore from Rs 18,757 crore in the same quarter a year ago.

PNB managing director Atul Kumar Goel said the bank has earned the highest quarterly profit in the last 12 quarters.

PNB recorded a 26 per cent growth in net interest income at Rs 9,504 crore, the highest ever for the bank.

The bank's asset quality showed improvement with gross non-performing assets (NPAs) easing to 7.73 per cent of the gross advances by June 2023 from 11.2 per cent a year ago.

The net NPA too declined to 1.98 per cent as against 4.26 per cent in the same period of the previous year.

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