PNB hits 52-week low as sticky loans rise

Punjab National Bank lost 5.32% to Rs 594.90 at 12:21 IST on BSE as the bank's gross non-performing assets surged to Rs 15090.63 crore as on 30 June 2013, from Rs 13465.79 crore as on 31 March 2013 and higher than Rs 9988.17 crore as 30 June 2012.

The state-run bank announced its first quarter results during trading hours today, 26 July 2013.

Meanwhile, the S&P BSE Sensex was down 20.60 points or 0.1% at 19,784.16

On BSE, 4.92 lakh shares were traded in the counter as against average daily volume of 1.25 lakh shares in the past one quarter.

The stock hit a low of Rs 585.95 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 632 so far during the day. The stock had hit a 52-week high of Rs 922.10 on 31 January 2013.

The stock had underperformed the market over the past one month till 25 July 2013, sliding 2.88% compared with the Sensex's 6.31% surge. The scrip had also underperformed the market in past one quarter, sliding 20.05% as against Sensex's 2.05% rise.

The large-cap public sector bank has equity capital of Rs 353.47 crore. Face value per share is Rs 10.

Punjab National Bank's (PNB) ratio of gross non-performing assets (NPA) to gross advances increased to 4.84% as on 30 June 2013, from 4.27% as on 31 March 2013 and 3.34% as on 30 June 2012. The ratio of net NPA to net advances increased to 2.98% as on 30 June 2013, from 2.35% as on 31 March 2013 and 1.68% as on 30 June 2012.

PNB's net profit rose 2.38% to Rs 1275.32 crore on 0.21% growth in total income to Rs 11746.59 crore in Q1 June 2013 over Q1 June 2012.

PNB's borrowings rose 15.64% to Rs 34788.89 crore as on 30 June 2013, from Rs 30083.19 crore as on 30 June 2012. Deposits grew 2.97% year on year to Rs 396828.10 crore as on 30 June 2013.

The bank's provisions and contingencies rose 3.29% to Rs 1066.48 crore in Q1 June 2013 over Q1 June 2012. PNB's provision coverage ratio as on 30 June 2013 works out to 54.67%.

PNB's capital adequacy ratio (CAR) as per Basel II norms stood at 12.44% as on 30 June 2013, as against 12.72% as on 31 March 2013 and 12.57% as on 30 June 2012. CAR as per Basel III norms stood at 11.79% as on 30 June 2013.

The Government of India holds 57.87% stake in Punjab National Bank (as per the shareholding pattern as on 30 June 2013).

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