PNB Shares Decline More Than 11% To 52-Week Low after Q4 Results
Shares of Punjab National Bank tumbled over 11% after the state-run lender reported a 66% decline in standalone net profit for the quarter ended March 2022.
The stock fell to its 52-week low of Rs 29.40 on the BSE and the National Stock Exchange.
Net profit of the New Delhi-headquartered bank fell 66% to Rs 202 crore in the fourth quarter due to higher provisioning against non-performing assets, even as its NPA ratios declined.
Asset quality improved, with gross NPAs falling to 11.78% compared to 14.12% a year ago. Net NPAs fell to 4.8% from 5.73%. Provisions stood at Rs 4,851.47 crore against Rs 3,540.32 crore a year earlier.
Total standalone income during the January-March quarter stood at Rs 21,095 crore, down from Rs 21,386 crore a year ago. Standalone net profit for the full fiscal rose to Rs 3,456.96 crore against Rs 2,021.62 crore.