PNB Q1 result surprise! Punjab National Bank logs Rs 1,019 crore profit
PNB shares performed well on BSE today. They were trading 2.95 per cent higher at Rs 68 after the announcement of quarterly results, while the benchmark BSE Sensex was almost flat at 37,882 at around 3.58 pm.
Punjab National Bank (PNB) on Friday reported a surprise profit of Rs 1,018.63 crore for the quarter ended June 30. In the corresponding quarter last year, the public sector lender had reported a loss of Rs 940 crore. The provisions and contingencies declined sharply by 64.86 per cent on a yearly basis to Rs 2,023.31 crore over Rs 5,758.16 crore.
PNB shares performed well on BSE today. They were trading 2.95 per cent higher at Rs 68 after the announcement of quarterly results, while the benchmark BSE Sensex was almost flat at 37,882 at around 3.58 pm.
As of June 30, Bank's provision coverage ratio stood at 74.63%. However, asset quality deteriorated with percentage of gross non-performing assets (NPA) rising to 16.49 per cent against 15.50 per cent on a quarterly basis.
The Net NPA increased to 7.17% from 6.56% during the same period. The bank's gross NPAs declined to Rs 77,267.29 crore from Rs 82,888.79 crore.
Net interest income declined to 11.73% on a yearly basis to Rs 4,141.36 crore. Where the figure stood at Rs 4,691.86 crore in the same period last year.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 5 Small-Cap Funds With Best SIP Returns in 3 Years: What Rs 5,000 and Rs 10,000 SIPs in each fund have given
In this guaranteed return scheme, you get Rs 2,24,974 as interest on Rs 5,00,000 investment; know details
Stocks With Momentum: Citi expects 26% upside on this PSU multibagger; brokerage asks to 'accumulate' this large-cap pharma giant
Gold and Silver rates today (May 27, 2024): MCX gold jumps after sharp losses last week, silver nears Rs 92,100/kg levels
70:15:15 Investment Strategy: Can you build over Rs 1 crore corpus with just Rs 20,000 salary? Know calculations
04:42 PM IST