PNB shares climb over 3% after earnings announcement

Published on Jan 28, 2022 12:06 PM IST

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 <span class='webrupee'>₹</span>506.03 crore in the year-ago period.(File photo)
The country's second-largest public sector lender had earned a net profit of 506.03 crore in the year-ago period.(File photo)
PTI |

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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