PNB Q1 net profit up Rs 262 crore as bad loans drop, shares up by 4.4%

The company's market valuation also rose by more than Rs 1,617 crore

Shares of Punjab National Bank on Tuesday rose by 4.5 per cent after the company reported a net profit of Rs 261.9 crore for the quarter ending March 2017.

The stock gained 4.55 per cent to close at Rs 174.55 on BSE. During the day, it surged 6.58 per cent to Rs 177.95.

On NSE, shares of the company went up by 4.4 per cent to end at Rs 174.15.

The company's market valuation also rose by Rs 1,617.69 crore to Rs 37,143.69 crore.

In terms of volume, 58.89 lakh shares of the company were traded on BSE and over 5 crore shares changed hands on NSE during the day.

Standalone net loss was Rs 5,367.1 crore in the same quarter of the previous fiscal, the bank said in a BSE filing.

Total income increased to Rs 14,989.33 crore in the quarter, from Rs 12,669.21 crore in the same period last year.

Gross non-performing assets (NPAs) as a percentage of gross advances dipped to 12.53 per cent in the quarter ended March, from the earlier 12.9 per cent.

Net NPAs too fell to 7.81 per cent in the March quarter, from 8.61 per cent a year ago.