PNB gains after turnaround Q1 show

Punjab National Bank rose 2.65% to Rs 67.80 at 14:49 IST on BSE after the bank reported net profit of Rs 1018.63 crore in Q1 June 2019 compared with net loss of Rs 940.01 crore in Q1 June 2018.

The result was announced during trading hours today, 26 July 2019.

Meanwhile, the S&P BSE Sensex was up 34.59 points, or 0.09% to 37,865.57.

On the BSE, 34.51 lakh shares were traded in the counter so far compared with average daily volumes of 14.31 lakh shares in the past two weeks. The stock had hit a high of Rs 69.55 and a low of Rs 66 so far during the day. The stock hit a 52-week high of Rs 99.90 on 1 April 2019. The stock hit a 52-week low of Rs 58.65 on 28 September 2018.

Total income rose 0.59% to Rs 15161.74 crore in Q1 June 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 77267.29 crore as on 30 June 2019 as against Rs 78472.70 crore as on 31 March 2019 and Rs 82888.79 crore as on 30 June 2018.

The ratio of gross NPAs to gross advances stood at 16.49% as on 30 June 2019 as against 15.50% as on 31 March 2019 and 18.26% as on 30 June 2018.

The ratio of net NPAs to net advances stood at 7.17% as on 30 June 2019 as against 6.56% as on 31 March 2019 and 10.58% as on 30 June 2018.

The bank's provisions and contingencies fell 64.86% to Rs 2023.31 crore in Q1 June 2019 over Q1 June 2018.

Meanwhile, the bank informed that its board approved raising up to Rs 5000 crore in one or more tranches through qualified institutional placements (QIP)/follow-on public offer (FPO)/rights issue.

Government of India holds 75.405% stake in the bank (as on 30 June 2019).

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