Punjab National Bank Q4 net profit plummets to Rs 306 crores; stock crashes

State-run lender Punjab National Bank today reported a whopping 62 per cent decline in its standalone net profit to Rs 306.56 crore in the fourth quarter ended March 31. The company had posted a net profit of Rs 806.35 crore in the same period a year ago.

The total income of the bank during the quarter increased by 7.6 per cent to Rs 13,455.65 crore compared with Rs 12,498.23 crore in the corresponding period a year ago. For the year, PNB posted a 8.4 per cent decline in its net profit to Rs 3,061.58 crore compared with Rs 3,342.57 crore in the previous financial year. The total annual income of the bank increased by 9.21 per cent to Rs 52,206.09 crore at the end of financial year 2015 compared with Rs 47,799.96 in FY2014.

The consolidated net profit of PNB at the end of the year declined by 6 per cent to Rs 3,399.6 crore compared with Rs 3,617.07 crore in 2013-14. The consolidated total income of the bank increased by 10.5 per cent to Rs 54,884.42 crore from Rs 49,668.43 it posted a year ago. The shares of the PNB were trading at Rs 145.20 apiece, down 7.01 per cent in the afternoon session at the BSE.

PTI