Punjab National Bank stocks slip over 13% on weak Q4 results

Sarkaritel
By Sarkaritel May 12, 2022 17:16

Punjab National Bank stocks slip over 13% on weak Q4 results


Shares of Punjab National Bank saw a steep decline on Thursday after the lender reported weak earnings during Q4FY22.

New Delhi, May 12 (IANS) Shares of Punjab National Bank saw a steep decline on Thursday after the lender reported weak earnings during Q4FY22.

The state-owned lender’s standalone net profit dropped 66 per cent year on year to Rs 201 crore in Q4FY22.

The bank had posted a profit of Rs 586 crore in the same quarter last year — Q4FY21.

The stock traded at its lowest level since November 2020, as per reports.

However, the bank’s net interest income grew 5 per cent to Rs 7,304 crore, against Rs 6,957 crore last year.

Asset quality showed an improvement with gross non-performing assets as a percentage of gross advances dropping to 11.78 per cent from 14.12 per cent a year ago.

Gross NPAs in October-December 2021 were at 12.88 per cent. Net NPAs too improved as it stood at 4.80 per cent from 5.73 per cent a year ago and 4.90 per cent a quarter ago, the reports said.

At 2.36 p.m., the shares of the state-owned lender traded 13.4 per cent lower from the previous close at Rs 28.65.

So far in 2022, it tanked around 25 per cent.

Sarkaritel
By Sarkaritel May 12, 2022 17:16