PNB shares climb over 3% after earnings announcement - Hindustan Times
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PNB shares climb over 3% after earnings announcement

PTI |
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.

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 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)

The stock jumped 3.16 per cent to 42.40 on the BSE.

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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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