Shares of Punjab National Bank today rose 6.72% percent to Rs 178.00 in intraday trade on the NSE after the company reported a net profit of Rs 261.90 crore in the fourth fiscal quarter of FY2017 against a loss of Rs 5,367.14 crore for the corresponding quarter a year ago on lower provisions, higher net interest and other income. This result was better than an estimate poll of 22 Bloomberg analysts, which had forecasted the bank to post a net profit of Rs 447.10 crore.
Net interest income, the income from lending, rose 33.09% to Rs3,683.52 crore from Rs2,767.71 crore on-year basis while non-interest income was up 68.16% to Rs3,102.80 crore from Rs1,845.18 crore in the same period last year.
You may also like to watch:
At Rs 5,753.51, provisions fell 41.8% on year basis from Rs 9,878.25 crore, however, soared 124.55% on quarter basis. Gross non-performing assets (NPAs) fell 0.8% on year basis to Rs 55,370.45 crore from Rs 55,818.33 crore, and 0.46% on quarter.
Gross NPAs at the end of the March quarter, were 12.53% of the total loans given, compared to 13.7% in the previous quarter and 12.9% in the corresponding quarter a year ago. Net NPAs were at 7.81% compared with 9.09% in the previous quarter and 8.61% in the same quarter last year.
Deposits grew 12.4% year-on-year to Rs621.70 billion, while advances rose marginally 1.7% to Rs419.49 billion.
In terms of volume, 58.89 lakh shares of the company were traded on BSE and over 5 crore shares changed hands on NSE during the day. The company’s market valuation on BSE rose by Rs 1,617.69 crore to Rs 37,143.69 crore.
During the year bank has allotted 16,43,70,768 equity shares to Govt. of India of a 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’s shareholding as on 31.03.2017 was 65.01% as compared to 62.08% before the preferential allotment.