PNB slumps as numbers disappoint
By
Research Desk
about 10 years ago
Punjab National Bank (PNB) had opened Rs.2 higher at Rs.158 and it even went on to an intra day high of Rs.160 but after the Q4 numbers came in, the stock slipped to an intra day low of Rs.145.40, down 7%, the level where it stands currently.
The Bank posted a sharp drop in its net profit and asset quality also deteriorated. Net profit for Q4FY15 fell by a huge 62% (YoY) at Rs.307 crore. Profits were dented on account of a 5% drop in net interest income (NII) at Rs.3791 crore while provisions for bad loans surged by a huge 79% and even bigger 161% QoQ at Rs.3834 crore.
In terms of asset quality, Gross NPA rose from 5.97% to 6.55% and Net NPA jumped up to 4.06%, a jump of 24 bps sequentially.