Public sector lender Punjab National Bank (PNB) announced its fourth quarter results on Tuesday with the bank reporting net profit of Rs 261.90 crore for the March quarter as compared to Rs Rs 5,367 crore in the corresponding quarter of last year. As the bad loans eased for the bank, share price of the company ended 4.55 per cent up at Rs 174.55.
Below are the key takeaways from PNB’s fourth quarter results:
1. Total income increased to Rs 14,989.33 crore in the quarter, from Rs 12,669.21 crore in the same period last year.
2. Net interest income (NII) for the quarter stood at Rs 3,683 crore.
3. Gross non-performing assets (NPAs) as a percentage of gross advances eased to 12.53 per cent in the quarter ended March, from the earlier 12.9 per cent. Gross NPAs in numbers stood at Rs 55,370 crore for the quarter under review compared with 55,627 crore in the third quarter. Net NPAs too fell to 7.81 per cent in the March quarter, from 8.61 per cent a year ago.
4. Provisions for the quarter stood at Rs 5,753 crore in the March quarter from Rs 2,562 crore in the December quarter.
5. During the year bank has allotted 16,43,70,768 equity shares to Govt. of India of face value of 2/- each at a premium of 2126.49 per share determined in accordance with Regulation 76 (1) of SEBI ICDR Regulations on preferential basis. Consequently, the government share holding as on 31.03.2017 is 65.01% as compared to 62.08% before preferential allotment.