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Wednesday, 2 August 2017

Punjab National Bank (PNB) Q1 net profit up 12%

Punjab National Bank (PNB) on Wednesday posted 12 percent gain in its June quarter net profit at Rs 343.4 crore against Rs 306.4 crore in the same period last year. But the cause of concern for the bank is the declining asset quality as net non-performing assets rose to 8.67 percent against 7.81 percent in the previous quarter.

According to a poll of analysts by CNBC-TV18, the lender was expected to post a profit of Rs 358.9 crore.

The net interest income, difference between interest earned and interest expended, was reported at Rs 3,855.1 crore, a rise of 4 percent against Rs 3,699 crore year on year. The Street expected this figure to be at RS 3,809.4 crore.

On the asset quality front, the net NPAs surged to Rs 34,573 crore against Rs 32,702 crore in the previous quarter. Meanwhile, the gross NPAs stood at Rs 57,721 crore against Rs 55,370 crore quarter on quarter.

The provisions for Punjab National Bank stood at Rs 2,609 crore, a decline from Rs 5,753 crore in the March quarter, but on a year on year basis, the it rose from Rs 2,284 crore. 

Additionally, the provision coverage ratio stood at 58.23 percent against 58.57 percent quarter on quarter.

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