Punjab National Bank Q2 profit at Rs 549 cr

Sarkaritel
By Sarkaritel November 5, 2016 21:22

Punjab National Bank Q2 profit at Rs 549 cr


pnbq2results

New Delhi, Nov 5 Government-owned Punjab National Bank on Saturday said it has posted a net profit of Rs 549.36 crore for the quarter ended on September 30.

In a regulatory filing in BSE, the Punjab National Bank said it has posted a net profit of Rs 549.36 crore for the quarter ended on September 30, 2016 as compared to Rs 621.03 crore for the quarter that ended on September 30, 2015.

The bank’s total income for the period under review stoo at Rs 14,218.27 crore, up from Rs 13,701.93 crore earned for the quarter ended September 30, 2015.

While the global deposits of the Bank reached Rs. 5.75 lac crore, the net advances stood at Rs. 3.94 lac crore as on September 30, 2016. The bank continued to register double digit y-o-y growth of 11.1% in CASA deposits which stood at Rs. 2.17 lac crore backed by a robust growth in savings deposits at 14.2% (y-o-y).

The share of CASA deposits in domestic deposits at 42.10% in September’16 consistently remained above 40%. The Bank has reduced its bulk deposits which has brought down the Cost of Deposits from 5.95% in June’16 to 5.36% in September’16. The Bank has reoriented its business model in alignment with the economic scenario towards small ticket advances i.e, Retail, MSME and Agriculture, which grew by 11.7%.

The Bank’s Trading Profit doubled from Rs 327 crore in Q2FY’16 to Rs 654 crore in Q2FY’17. The Bank registered improvement all across  investor’s ratios. Net Interest Margin (NIM) increased both globally and domestically and for Q2 FY’17 stood at 2.86% as against 2.80% in Q1 FY’16. Similarly, Return on Assets  (RoA) improved to 0.32% in Q2 FY’17 over a ratio of 0.18% in Q1 FY’17, while Return on Networth increased to 5.72% sequentially from 3.43% in Q1 FY’17.

The Bank continues to lay emphasis on improving the asset quality. The cash recovery and up gradation reached Rs. 10,778 crore thus crossing the landmark of Rs 10,000 crore for the half year ended September’16. This has resulted in reduction in stressed assets. The Provision Coverage Ratio increased from 52.50% in June’16 to 53.32% in Sep’16.

The capital adequacy ratio improved from 11.58% as at the end of June’16 to 11.65% as at end of Sep’16 and stood above the regulatory requirement.

Sarkaritel
By Sarkaritel November 5, 2016 21:22