PNB shares climb over 3 per cent after earnings announcement

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 Rs 42.40 on the BSE.

At the NSE, it gained 3.03 per cent to Rs 42.40. Punjab National Bank on Thursday reported a two-fold jump in standalone net profit to Rs 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 Rs 506.03 crore in the year-ago period. However, total income during October-December 2021 declined to Rs 22,026.02 crore, as against Rs 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 Rs 97,258.67 crore by the end of December 2021, as against Rs 94,479.33 crore in the year-ago period. However, the net NPA ratio rose to 4.90 per cent (Rs 33,878.56 crore), from 4.03 per cent (Rs 26,598.13 crore).

from The Financial Express https://www.financialexpress.com/market/pnb-shares-climb-over-3-per-cent-after-earnings-announcement/2418125/