Punjab National Bank hits 4-year low on rising bad loans
Gross NPA rose to 4.84% in June 2013 quarter against 3.34% in year ago quarter.
Punjab National Bank has tanked 6.2% to Rs 589, its lowest level since June 2009, after the state-owned bank said that its gross non-performing assets (NPA), as a percentage of advances, rose to 4.84% in June 2013 quarter against 3.34% in year ago quarter. In March quarter, gross NPA stood at 4.27%.
The bank’s Net NPAs were also increased to 2.98% during the quarter from 1.68% in the corresponding quarter of previous fiscal.
Meanwhile, the bank said net profit grew 2.3% to Rs 1,275 crore against Rs 1,246 crore a year ago. Net interest income rose to Rs 3,908 crore against Rs 3,693 crore last year.
The stock opened at Rs 630 and hit a high of Rs 632 before the announcement of results. A combined 3.23 million shares have changed hands till 1200 hours against an average around one million shares that were traded daily in past two weeks on NSE and BSE.
The bank’s Net NPAs were also increased to 2.98% during the quarter from 1.68% in the corresponding quarter of previous fiscal.
Meanwhile, the bank said net profit grew 2.3% to Rs 1,275 crore against Rs 1,246 crore a year ago. Net interest income rose to Rs 3,908 crore against Rs 3,693 crore last year.
The stock opened at Rs 630 and hit a high of Rs 632 before the announcement of results. A combined 3.23 million shares have changed hands till 1200 hours against an average around one million shares that were traded daily in past two weeks on NSE and BSE.