State-run Punjab National Bank (PNB) Tuesday, reported a standalone loss of Rs 492 crore for the quarter ended December 31 down from a profit of Rs 246 crore in the same period last year.
Shares of State-run Punjab National Bank (PNB) Tuesday fell 1.66 per cent as the lender reported a standalone loss of Rs 492 crore for the quarter ended December 31 down from a profit of Rs 246 crore in the same period last year. Meanwhile the consolidated loss of Rs 384 crore reported by the bank. PNB was expected to report a profit after recoveries made from NCLT cases. PNB reported a loss of Rs 383 crore from ‘ordinary activities before tax’. The public sector bank said provisions for the quarter jumped 73.25 per cent year-on-year to Rs 4,445.36 crore from Rs 2,565.77 crore.
Shares of PNB plunged after opening at Rs 57.90 to trade at Rs 56.40. PNB earned a total of Rs 15,967.49 crore as income during the quarter a jump from Rs 14,854.24 crore reported during the same period last year.
PNB reported an increase in provisions for non-performing assets that touched Rs 4,445 crore as compared to Rs 2,565 in the same period last year. Gross NPAs of the bank as assessed by the RBI stood at Rs 81089 crore as on March 31, 2019, while the bank had assessed the number to be at Rs 78472 crore. PNB reported that earned interest during the quarter stood at Rs 13,562.69 crore, a rise 4 per cent from Rs 13,035.08 crore last year.
The bank reported a decrease in Gross Non-performing assets which now stand at Rs 76,809 crore as compared to Rs 79,458 crore in the previous quarter. PNB reported a loss against profit while Net Interest Income comes in 1.5 per cent higher on-year basis. The asset quality of the bank increased during the period in comparison to the same period last year.
BSE Sensex gained significantly during the day’s trade to shed losses made on the Budget day to trade up 851 or 2.14 per cent up at 40,723 points. Nifty 50 was up 253 points to trade at 11,961 points.