Punjab National Bank rose 4.7% to Rs 542.20 at 12:16 IST on BSE as the bank's ratio of net non-performing assets to net advances declined to 2.8% as on 31 December 2013, from 3.07% as on 30 September 2013.
The state-run bank announced the Q3 December 2013 results during trading hours today, 31 January 2014.
Meanwhile, the S&P BSE Sensex was up 2.27 points or 0.01% at 20,500.52.
On BSE, so far 4.27 lakh shares were traded in the counter as against average daily volume of 1.98 lakh shares in the past one quarter.
The stock was volatile. The stock surged as much as 5.08% at the day's high of Rs 544.20 so far during the day. The stock lost as much as 1.7% at the day's low of Rs 509 so far during the day. The stock had hit a 52-week low of Rs 402.20 on 4 September 2013. The stock had hit a 52-week high of Rs 922.10 on 31 January 2013.
The stock had underperformed the market over the past one month till 30 January 2014, sliding 17.19% compared with the Sensex's 3.05% fall. The scrip had, however, outperformed the market in past one quarter, advancing 3.63% as against Sensex's 2.55% fall.
The large-cap public sector bank has equity capital of Rs 362.07 crore. Face value per share is Rs 10.
Punjab National Bank (PNB)'s ratio of net non-performing assets (NPAs) to net advances declined to 2.8% as of 31 December 2013, from 3.07% as on 30 September 2013, but increased from 2.56% as on 31 December 2012.
The ratio of gross NPAs to gross advances declined to 4.96% as on 31 December 2013, from 5.14% as on 30 September 2013, but increased from 4.61% as on 31 December 2012. In absolute terms, gross non-performing assets edged up to Rs 16595.84 crore as on 31 December 2013, from Rs 16526.26 crore on 30 September 2013 and Rs 13997.82 crore as on 31 December 2012.
PNB's net profit declined 42.14% to Rs 755.41 crore on 3.68% growth in total income to Rs 11922.30 crore in Q3 December 2013 over Q3 December 2012.
The bank's provisions and contingencies surged 98.36% to Rs 1590.04 crore in Q3 December 2013 over Q3 December 2012. Provisions and contingencies declined 16.25% on sequential basis. The provision coverage ratio as on 31 December 2013 works out to 58.55%.
RBI circular dated 23 August 2013 on investment portfolio of the Banks -- classification, valuation and provisioning -- gave banks the option of distributing the net depreciation of the entire AFS & HFT portfolios on each of the valuation dates in the current financial year in equal installments during the year. In accordance with this circular, PNB has made adequate provision towards the proportionate additional depreciation on the entire AFS & HFT portfolio as on 31 December 2013.
PNB's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 11.02% as on 31 December 2013 as against 11.62% as on 30 September 2013.
PNB's board of directors at a meeting held today, 31 January 2014, declared interim dividend of Rs 10 per share for the year ending 31 March 2014. The record date for the payment of interim dividend is fixed as 12 February 2014.
The Government of India holds 58.87% stake in Punjab National Bank (as per the shareholding pattern as on 31 December 2013).
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