PNB plunges deep into the red
By
Research Desk
about 9 years ago
Punjab National Bank stock price plunged deep into the red today, down to an intra day low at Rs.88.25, close to its 52-week low of Rs.86.75.
The stock has dropped after it posted a set of very dismal Q3FY16 numbers. The Bank reported a 90% (YoY) drop in the net profit at Rs.51 crore. That’s not all. The asset quality also deteriorated. Its Gross NPA surged to 8.47% v/s 6.36% (QoQ) and this led to the Bank doubling its provisions to Rs.3776 crore from Rs.1882 crore (QoQ). Net NPA was at 5.86% v/s 3.99% in Q2.
Last fiscal Q3, the Bank had written back Rs.909 crore and this helped the Bank post a net profit of Rs.775 crore.