Punjab National Bank (PNB) shares tanked as much as 6.5 per cent on Tuesday after the public sector lender reported 93 per cent year-on-year fall in its net profit figures for the quarter ended December 2015.
At 1.43 pm, shares of PNB were trading 4.82 per cent down at Rs 89.80. The scrip opened at Rs 92.20 and had touched a high and low of Rs 94.70 and Rs 88.25, respectively, in trade so far. Later, the scrip settled 6.89 per cent down at Rs 87.85.
The bank reported net profit of Rs 51.01 crore for the quarter ended December 2015 as compared to Rs 774.56 crore in the corresponding quarter a year ago. Total income has increased by 7.64 per cent to Rs 13,891.20 crore for the quarter under review from Rs 12,904.85 crore in the same quarter last year.
Gross non-performing assets (NPAs) of Punjab National Bank increased to 8.47 per cent in the October- December quarter as against 5.97 per cent in the same quarter previous year, while net NPAs stood at 5.68 per cent.
During the quarter, the Bank has recognised deferred tax assets amounting to Rs 1,132.04 crore which was hitherto recognised as at the year-end, in accordance with the applicable Accounting Standards.