PNB shares fall 1 pc post Q3 loss

Shares of Punjab National Bank (PNB) on Tuesday fell 1 per cent after the company reported a standalone net loss of Rs 492.28 crore for December quarter 2019-20.

The scrip declined 1.05 per cent to close at Rs 56.75 on the BSE. During the day, it fell 1.83 per cent to Rs 56.30.

On the NSE, it went lower 0.95 per cent to close at Rs 56.80.

The state-owned lender had posted a net profit of Rs 246.51 crore for the same period a year ago. In September quarter 2019-20, the bank logged a profit of Rs 507.05 crore.

Total income during the quarter under review stood at Rs 15,967.49 crore as against Rs 14,854.24 crore in the year-ago same period, PNB said in a regulatory filing.

On consolidated basis, the lender reported a net loss of Rs 501.93 crore for the quarter under review. However, there was a net profit of Rs 249.75 crore in the same period of 2018-19, the bank said.

On the asset quality front, the bank continued to face challenges with gross non-performing assets (NPAs) at 16.30 per cent of gross advances as at December-end 2019, slightly down from 16.33 per cent by the year-ago same period.