The first Swadeshi bank in India is Punjab National Bank. The Government of India owns PNB, a bank that offers banking and financial services, and it is based in New Delhi. After IOB, it is the third-largest PSU in India.
Financial Results:
Punjab National Bank’s revenue in Q3FY23 rose 17% to ₹ 25,722 crores. Consolidated Profit After Tax came at ₹ 629 crores showcasing a 44% fall YoY over the corresponding period. In this quarter’s results, the reports suggested that the decrease in profits are due to the significant increase in provisions other than tax that could be further broken down into NPAs and Depreciation etc.