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Punjab National Bank Reports A Profitable June Quarter

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Punjab National Bank (PNB) on Friday reported a net profit of Rs 1,018.6 crore for the June-ended quarter as against a loss of Rs 940.01 crore in the same period, last year. The lender's profit was despite the increase in net NPAs (non-performing assets) to 7.17 percent from 6.56 percent in the previous quarter. However, it declined from 10.58 percent in April-June 2018.

Punjab National Bank Reports A Profitable June Quarter
 

Its provisions and contingencies for the first quarter of the financial year 2019-20 fell to Rs 2,023.31 crore from Rs 5,758.16 crore in the same period in 2018.

On Thursday, the state-owned bank announced the board's approval of raising equity capital amount of up to Rs 5,000 crore in one or more tranches through Qualified Institutional Placements (QIP) or Follow-on Public Offer (FPO) or Rights Issue.

In intra-day trade on Friday, the shares of PNB rose to a high of Rs 69.65 apiece and dropped to Rs 65.95. The stock was trading higher following the release of financial results.

Read more about: pnb punjab national bank
Story first published: Friday, July 26, 2019, 14:46 [IST]
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