PNB shares climb over 3% after earnings announcement
Punjab National Bank on Thursday reported a two-fold jump in standalone net profit to ₹1,126.78 crore for the third quarter ended December, as bad loans marginally declined.
Shares of Punjab National Bank (PNB) on Friday gained over 3 per cent after the company reported a two-fold jump in standalone net profit for the third quarter ended December.
The stock jumped 3.16 per cent to ₹42.40 on the BSE.
At the NSE, it gained 3.03 per cent to ₹42.40.
Punjab National Bank on Thursday reported a two-fold jump in standalone net profit to ₹1,126.78 crore for the third quarter ended December, as bad loans marginally declined.
The country's second-largest public sector lender had earned a net profit of ₹506.03 crore in the year-ago period.
However, total income during October-December 2021 declined to ₹22,026.02 crore, as against ₹23,298.53 crore a year ago, PNB said in a regulatory filing.
On the asset quality front, the bank witnessed slight improvement by cutting its gross non-performing assets (NPAs) as a percentage of gross advances to 12.88 per cent from 12.99 per cent by the same period a year ago.
In absolute value, gross NPAs stood at ₹97,258.67 crore by the end of December 2021, as against ₹94,479.33 crore in the year-ago period.
However, the net NPA ratio rose to 4.90 per cent ( ₹33,878.56 crore), from 4.03 per cent ( ₹26,598.13 crore).
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