PNB slumps on high volumes after weak earnings

Punjab National Bank fell 6.85% to Rs 145.45 at 14:32 IST on BSE after the company announced weak Q4 results during trading hours today, 8 May 2015.

Meanwhile, the BSE Sensex was up 530.85 points, or 2%, to 27,129.96.

On BSE, so far 28.84 lakh shares were traded in the counter, compared with an average volume of 7.36 lakh shares in the past one quarter.

The stock rose 2.47% at the day's high of Rs 160 so far during the day. The stock fell 8.74% at the day's low of Rs 142.50 so far during the day.

The stock hit a 52-week high of Rs 231.50 on 19 December 2014. The stock hit a 52-week low of Rs 142.50 on 27 March 2015.

The stock had outperformed the market over the past one month till 7 May 2015, rising 3.89% compared with 6.72% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 8.42% as against Sensex's 7.38% fall.

The large-cap company has an equity capital of Rs 370.91 crore. Face value per share is Rs 2.

Punjab National Bank's (PNB) net profit fell 61.98% to Rs 306.56 crore on 7.66% increase in total income to Rs 13455.65 crore in Q4 March 2015 over Q4 March 2014.

The results would have been worse but for a hefty tax reversal. There was a tax reversal of Rs 938.06 crore in Q4 March 2015 as against tax expense of Rs 228.39 crore in Q4 March 2014.

PNB's ratio of net non-performing assets (NPAs) to net advances stood at 4.06% as on 31 March 2015, compared with 3.82% as on 31 December 2014 and 2.85% as on 31 March 2014.

The bank's ratio of gross NPAs to gross advances stood at 6.55% as on 31 March 2015, compared with 5.97% as on 31 December 2014 and 5.25% as on 31 March 2014.

Provisions and contingencies rose 79.28% to Rs 3834.19 crore in Q4 March 2015 over Q4 March 2014. The provisioning coverage ratio as on 31 March 2015 stood at 58.21%.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 12.21% as on 31 March 2015, compared with 11.54% as on 31 December 2014 and 11.52% as on 31 March 2014.

PNB's net profit fell 8.41% to Rs 3061.58 crore on 9.22% increase in total income to Rs 52206.09 crore in the year ended March 2015 over the year ended March 2014.

Government of India holds 59.85% stake in PNB (as on 31 March 2015).

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