PNB shares up over 3% post Q4 earnings

Shares of Punjab National Bank (PNB) today rose by over 3 per cent despite the company reporting the record high quarterly loss by any public sector lender at Rs 5,367 crore for the fourth quarter ended March 31.
The stock ended the day at Rs 76.20, up 3.25 per cent on BSE. During the trade, it gained 4.6 per cent to Rs 77.20.
At NSE, shares of the company rose by 3.32 per cent to close at Rs 76.20.
On volume front, 71.40 lakh shares of the company changed hands at BSE and over 5 crore shares were traded at NSE during the day.

Reeling under huge bad loans, PNB today posted the record high quarterly loss by any public sector lender at Rs 5,367 crore for the fourth quarter ended March 31.
A three-fold surge in provisioning for bad loans including for power discoms and Punjab foodgrain related loans, were the main drags on the bank's performance and it expects the pain to continue for some more time.

The second-largest public sector bank had a net profit of Rs 306.56 crore in the corresponding period of 2014-15.
Provision for NPAs rose more than three-fold to Rs 11,380 crore in the fourth quarter as compared to Rs 3,281 crore in the same period a year ago.

The gross Non-Performing Assets (NPAs) rose significantly to 12.9 per at the end of March 2016, from 6.55 per cent a year ago. The net NPAs too rose to 8.61 per cent against 4.06 per cent in March 2015.