PNB soars after reporting Q2 numbers

Punjab National Bank surged 6.11% to Rs 209.35 at 13:58 IST on BSE after net profit rose 2.04% to Rs 560.58 crore on 4.15% growth in total income to Rs 14205.31 crore in Q2 September 2017 over Q2 September 2016.

The result was announced during market hours today, 3 November 2017.

Meanwhile, the S&P BSE Sensex was up 114.82 points or 0.34% at 33,688.04.

On the BSE, 83.18 lakh shares were traded on the counter so far as against average daily volumes of 12.85 lakh shares in the past one quarter. The stock had hit a high of Rs 211.95 and a low of Rs 198.50 so far during the day. The stock had hit a 52-week high of Rs 231.60 on 26 October 2017 and a 52-week low of Rs 112 on 29 December 2016.

The stock had outperformed the market over the past one month till 2 November 2017, advancing 52.89% compared with the Sensex's 7.32% rise. The stock had also outperformed the market over the past one quarter, gaining 24.17% as against the Sensex's 3.38% rise. The scrip had also outperformed the market over the past one year, gaining 44.28% as against the Sensex's 21.96% rise.

The large-cap bank has equity capital of Rs 425.59 crore. Face value per share is Rs 2.

Punjab National Bank's (PNB) gross non-performing assets (NPAs) stood at Rs 57630.11 crore as on 30 September 2017 as against Rs 57720.70 crore as on 30 June 2017 and Rs 56465.63 crore as on 30 September 2016.

The ratio of gross NPAs to gross advances stood at 13.31% as on 30 September 2017 as against 13.66% as on 30 June 2017 and 13.63% as on 30 September 2016. The ratio of net NPAs to net advances stood at 8.44% as on 30 September 2017 as against 8.67% as on 30 June 2017 and 9.1% as on 30 September 2016.

The bank's provisions and contingencies rose 24.9% to Rs 2440.79 crore in Q2 September 2017 over Q2 September 2016.

PNB announced after market hours yesterday, 2 November 2017 that the board has authorised management to partially sell its stake in PNB Housing Finance. PNB Housing Finance will continue to be a core associate of PNB.

Further, PNB's board approved to offload its entire stake in Principal PNB Asset Management Company and Principal Trustee Company to the Principal group.

Government of India holds 63.32% stake in PNB as per the shareholding pattern as on 30 September 2017.

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