PNB surprises with Q3 net profit; stock up 6%

Posted By:
Subscribe to GoodReturns

PNB surprises with Q3 net profit; stock up 6%
Punjab National Bank: Quotes, News
BSE 135.20BSE Quote2.15 (1.59%)
NSE 135.20NSE Quote2.1 (1.55%)
Punjab National bank surprised the market with its Q3 net profit, rose by 13.56% at Rs 1,306 crore for the quarter ended December 31, 2012 on account of lower provisioning.

The company's net interest income was up by 5.55% to Rs 3,733.5 crore against Rs 3,537 crore during the same period. Total income rose 10.4% to Rs 11,519 crore from Rs 10,435 crore, while provisioning declined by 15.2% to Rs 802 crore over the same quarter of previous year

Gross non-performing asset (NPA) dropped 5 basis points quarter on quarter to 4.61% and net NPA fell by 3 basis points to 2.5% percent in this quarter.

PNBs capital adequacy ratio stood at 11.66% as against 11.73% QoQ.

Punjab National Bank also decided to decrease the Base Rate by 25 bps from 10.50% to 10.25%which will be effective from February 09, 2013.

Shares of the company surged more than 6% after the company reported better than expected results. The bank shares were seen trading at Rs 891, higher by 6.80% on BSE at 12.40 pm IST.

Read more about: pnb, interest rates
Story first published: Thursday, January 31, 2013, 12:47 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?