Punjab National Bank First Quarter Profit Rises, But Misses Estimates

Shares of Punjab National Bank (PNB) today ended almost 1 per cent higher after the company reported a 12.09 per cent increase in net profit during the April-June quarter.

Net profit rose to Rs 3.43 billion ($53.51 million) for its fiscal first quarter ended June 30, from Rs 3.06 billion a year earlier, the New Delhi-based bank said on Wednesday (2 August).

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Tata Group firm Voltas reported 17.68 percent rise in consolidated net profit at Rs 187.91 crore for the quarter ended June 30, on account of higher income.

While, the bank had kept aside Rs942.73 crore towards bad loans provisioning for June 2016 quarter. This number has improved marginally for June quarter, as the bank posted gross bad loans to total loans percentage at 13.66%, but it still remained higher than 12.53% that it had posted in its March quarter.

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The net NPAs stood at 8.94% as on 31 March, 2017.

On the equity volume front, 21.55 lakh shares of the company were traded on BSE and over 3 crore shares changed hands on NSE during the day.

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Income from operations during the quarter under review stood at Rs 1,962.37 crore as against Rs 1,844.81 crore in April-June quarter a year ago.

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