PNB Q1 PAT tumbles 70% to Rs 308 cr

Punjab National Bank (PNB) reported a 69.72% fall in net profit to Rs 308.45 crore in Q1 June 2020 from Rs 1018.63 crore in Q1 June 2019.

The results for quarter ended 30 June 2020 include operations of erstwhile Oriental Bank of Commerce and United Bank of India. Hence, the results for current quarter are not comparable with immediately preceding quarter and corresponding quarter of previous financial year.

The bank's net interested earned rose by 57% year on year to Rs 20,604.91 crore in Q1 June 2020 over Q1 June 2019. The bank's total income grew by 60% to Rs 24292.80 crore in Q1 June 2020 over Q1 June 2019.

The bank's gross non-performing assets (NPAs) stood at Rs 101,849.34 crore as on 30 June 2020 as against Rs 73,478.76 crore as on 31 March 2020 and Rs 77,267.29 crore as on 30 June 2019. The ratio of gross NPAs to gross advances stood at 14.11% as on 30 June 2020 as against 14.21% as on 31 March 2020 and 16.59% as on 30 June 2019. The ratio of net NPAs to net advances stood at 5.39% as on 30 June 2020 as against 5.78% as on 31 March 2020 and 7.17% as on 30 June 2019.

The bank's provisions and contingencies dropped soared 131.6% to Rs 4,685.89 crore in Q1 June 2020 over Q1 June 2019. The bank held a total provision of Rs 1027.16 crore related COVID-19 in Q1 June 2020. The Provisioning Coverage Ratio stood at 30 June 2020 works out to 80.75%.

The bank's capital adequacy ratio stood at 12.63% in Q1 June 2020 as compared to 14.14% in Q4 March 2020 and 9.77% in Q1 June 2019.

Punjab National Bank is a public sector bank. Government of India held 85.59% stake in the bank as on 30 June 2020.

Shares of PNB were up 1.26% at Rs 36.1 on BSE. It traded in the range of Rs 36 and Rs 36.7 during the day.

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