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PNB Shares
Shares of Punjab National Bank (PNB) on Friday gained over 3 per cent after the company reported a two-fold jump in standalone net profit for the third quarter ended December. The stock jumped 3.16 per cent to Rs 42.40 on the BSE. At the NSE, it gained 3.03 per cent to Rs 42.40. Punjab National Bank on Thursday reported a two-fold jump in standalone net profit to Rs 1,126.78 crore for the third quarter ended December, as bad loans marginally declined. The country's second-largest public sector lender had earned a net profit of Rs 506.03 crore in the year-ago period. However, total income during October-December 2021 declined to Rs 22,026.02 crore, as against Rs 23,298.53 crore a year ago, PNB said in a regulatory filing. On the asset quality front, the bank witnessed slight improvement by cutting its gross non-performing assets (NPAs) as a percentage of gross advances to 12.88 per cent from 12.99 per cent by the same period a year ago. In absolute value, gross NPAs stood at Rs .
Most mutual fund managers added shares of fraud-hit Punjab National Bank (PNB) to their portfolios in February amid a 40 per cent slide in the counter. A total of 1.7 million shares of the state-owned banks were added to by equity MFs, data shows.Put together, the number of shares in fund managers' holdings, in the end of February, stood at 233.8 million against 232.1 million in the preceding month of January.Several of the large equity schemes have taken quite a sizeable exposure to the bank in terms of number of shares, data shows.The overall allocation to PNB in terms of assets, however, is marginal to substantially impact the performance of the top schemes, given their huge asset size."We did not expect the free fall to be so fast and so steep. Even we had wanted to liquidate, time was too short but loss on the counter too big to easily digest. It was only when shares cracked below Rs 125 that we started buying," said a fund manager.However, fund managers have their fingers ...