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Punjab National Bank shares tumble over 11% after Q4 earnings

by Economy India
May 12, 2022
Reading Time: 2 mins read
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According to reports, Shares of Punjab National Bank (PNB) on Thursday tumbled over 11 per cent after the company reported a 66 per cent decline in standalone net profit for the quarter ended March 2022.

The stock tanked 11.17 percent to its 52-week low of Rs 29.40 on the BSE and NSE.

State-owned Punjab National Bank on Wednesday reported a 66 percent decline in standalone net profit at Rs 202 crore for the quarter ended March 2022 due to a higher amount parked towards provisioning, even as the NPA levels declined, the report said.

The bank had posted a net profit of Rs 586 crore in the same quarter a year ago.

Total standalone income during the January-March quarter stood at Rs 21,095 crore, down from Rs 21,386 crore in the same period of 2021-21, PNB said in a regulatory filing, the report said.

For the full fiscal 2021-22, standalone net profit rose to Rs 3,456.96 crore against Rs 2,021.62 crore in FY21, the bank said.

The asset quality showed improvement, with the gross non-performing assets (GNPAs) falling to 11.78 percent of the gross advances as of March 2022, from 14.12 percent a year ago.

Net NPAs or bad loans too declined to 4.8 per cent from 5.73 percent, the report said.

However, the lender kept a higher provision for bad loans and contingencies for Q4 FY22 at Rs 4,851.47 crore against Rs 3,540.32 crore earlier. (Source: Deccan Herald)

Tags: Punjab National Bank (PNB)
Economy India

Economy India

Economy India is one of the largest media on the Indian economy. It provides updates on economy, business and corporates and allied affairs of the Indian economy. It features news, views, interviews, articles on various subject matters related to the economy and business world.

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