Audited Financial Results for the quarter and year ended March 31, 2025
PNBGILTS · price
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PNB Gilts, a primary dealer subsidiary of Punjab National Bank, reported audited FY25 results with profit after tax of Rs 23,303 lacs, up about 236% from Rs 6,941 lacs in FY24. Total income rose 6.3% to Rs 1,67,628 lacs, while total expenses fell 7.7% to Rs 1,36,752 lacs, led by lower finance costs. Q4 FY25 PAT came in at Rs 7,502 lacs versus Rs 6,813 lacs a year earlier, and full-year EPS jumped to Rs 12.95 from Rs 3.86. The Board recommended a final dividend of Rs 1 per share (10%), unchanged from last year, subject to shareholder approval. Capital adequacy remained very strong at 41.68% (well above the 15% RBI norm) and return on net assets improved to 18.4% from 5.4%. Statutory auditor Batra Deepak & Associates issued an unmodified (clean) opinion.
The sharp jump in profit was driven by strong net gains on the securities portfolio and lower borrowing costs, which is positive for shareholders, but negative operating cash flow of Rs 19,688 lacs shows earnings are not translating into operational liquidity. The unchanged dividend despite much higher profits may be a mild disappointment for income-focused investors.