PNB Q3 net profits rise, NPAs fall

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PNB Q3 net profits rise, NPAs fall
Punjab National Bank: Quotes, News
BSE 142.30BSE Quote4.25 (2.99%)
NSE 142.15NSE Quote4.15 (2.92%)
Punjab National Bank (PNB) reported net profits that were lower than expectations, but net profits rose quarter on quarter, while non performing assets dropped.

The Bank's net profit for the quarter ended Dec 30, 2013 came in at Rs 755 crores, as against Rs 505.49 crores in the previous quarter ending Sept 30, 2013.

A key parameter for banks, non performing assets (NPAs) declined for PNB with gross NPA coming in at 4.96 per cent, from 5.14 per cent earlier. Net NPAs also dropped to 2.80 per cent from 3.07 per cent earlier.

The capital adequacy ratio for the bank as per Basel II was placed at 11.06 per cent.

Markets were encouraged with the fall in the non performing assets and the stock of the bank rallied sharply by 5 per cent, to Rs 541.

Interestingly, other PSU banking stocks also rallied, following the encouraging results from Punjab National Bank.

Read more about: punjab national bank, npas, stock
Story first published: Friday, January 31, 2014, 12:06 [IST]
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