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PNB Q1 net profit plunges 48% to ₹1,675 crore on higher tax outgo
The decline was mainly due to a sharp rise in tax expenses, which jumped to ₹5,083 crore from ₹2,017 crore a year earlier. While total income grew 15.7 per cent year-on-year to ₹37,231 crore and operating profit rose to ₹7,081 crore, the elevated tax outgo weighed heavily on the bottom line.
'The fall in net profit is mainly due to our transition to the new tax regime from the old one. The key benefit of switching to the new tax regime is the significant difference — nearly 10 per cent — between the old and new tax structures. With an operating profit of ₹7,000 crore, we expect to save around ₹700 crore from Q2FY26 onwards, which will directly boost our bottom line. So, this was the right time for us to migrate to the new tax regime,' said Ashok Chandra, managing director and chief executive officer, Punjab National Bank, during a press conference.
The gross non-performing assets (GNPA) ratio improved by 120 basis points on a year-on-year basis to 3.78 per cent as on Q1FY26 from 4.98 per cent as on Q1FY25. The net non-performing assets (NNPA) ratio improved by 22 basis points year-on-year to 0.38 per cent as on June 2025 from 0.60 per cent as on June 2024.
PNB has maintained healthy capital adequacy at 17.50 per cent under Basel-III norms, with CET-1 at 12.95 per cent.
The public sector lender's CASA (current account savings account) deposits increased to ₹5,68,638 crore, recording a year-on-year growth of 3.6 per cent. CASA share of the bank stands at 36.99 per cent as on Q1FY26.
Total retail credit increased by 11.8 per cent year-on-year to ₹2,62,219 crore in Q1FY26. The bank's housing loan book grew by 16.6 per cent year-on-year to ₹1,18,708 crore, vehicle loans posted a growth of 25.3 per cent to reach ₹27,229 crore, and agriculture advances grew by 6.2 per cent year-on-year to ₹1,78,885 crore.
As on June 30, 2025, PNB has 10,209 domestic branches and 2 international branches. The bank also has 11,240 ATMs and 31,763 business correspondents as part of its distribution network.
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