PNB stock down 3% as Q1 net profit slumps

PNB shares today fell nearly 3 per cent after the company reported 58 per cent decline in net profit for the April-June quarter of the current fiscal.
The stock fell 2.82 per cent to settle at Rs 129 on BSE. Intra-day, it had lost 3.31 per cent to Rs 128.35.
On NSE, it fell 2.89 per cent to close at Rs 128.95.
Market valuation of Punjab National Bank thus fell by Rs 735.59 crore to Rs 25,330.41 crore.
In terms of volume, 70.15 lakh shares of the company were traded on BSE, and over 6 crore shares changed hands on NSE during the day.

Having posted a record loss of Rs 5,367 crore in the earlier quarter, PNB today reported a 58 per cent decline in net profit to Rs 306 crore for April-June period of the current fiscal on account of rising bad loans.

The bank had a net profit of Rs 721 crore during the corresponding period of the previous fiscal.
During the quarter, provisions towards non-performing assets (NPAs) have jumped almost three-fold to Rs 3,620 crore from Rs 1,291 crore in the same period a year ago.
The Gross NPAs rose significantly to 13.75 per cent at the end of June 2016, from 12.9 per cent in the year-ago period.

The net NPAs too rose to 9.16 per cent as against 8.61 per cent in June 2015.
In absolute terms, the gross NPAs of the bank more than doubled to Rs 56,654.09 crore from the year-ago levels.