Punjab National Bank rallies 3.8% on stellar Q3 earnings

The company reported a over four-fold jump in net profit to Rs 207.18 crore for Q3

Shares of Punjab National Bank rallied as much as 3.8% on BSE Sensex at intra-day after the company reported a over four-fold jump in net profit to Rs 207.18 crore for the quarter ended December 31, 2016-17, on account of lower provisioning.

 

The government lender had reported net profit of Rs 51.1 crore for the October-December quarter of the 2015-16 fiscal.

 

Its gross non-performing assets (NPAs) or bad loans, as a percentage to total advances, rose to 13.70% from 8.47% in the same quarter of last fiscal while net NPAs went up to 9.09% from 5.86% in this quarter, the bank said in a statement.

 

The bank’s total income rose 4.36% to Rs 14,497.65 crore in Q3 from Rs 13,891.2 crore in the year-ago period.

 

At 1:16 pm, the stock was trading at Rs 155.20, up 3.71% as against 0.19% drop in BSE Sensex. It reached a high and low of Rs 155.60 and Rs 147.80 in the day.