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PNB share price dives 12% to 52-week low after disappointing Q4 performance

The total standalone income during the January-March quarter stood at Rs 21,095 crore, down from Rs 21,386 crore in the corresponding period last year.

May 12, 2022 / 12:34 PM IST
Punjab National Bank Q4: Net profit went down 65.5% at Rs 201.6 crore against Rs 586.3 crore (YoY). NII grew 5% at Rs 7,304.1 crore against Rs 6,956.8 crore (YoY). Gross NPA at 11.78% against 12.88% (QoQ). Net NPA at 4.8% against 4.9% (QoQ). Gross NPA at Rs 92,448 crore against Rs 97,259 crore (QoQ). Net NPA at Rs 34,908.7 crore against Rs 33,879 crore (QoQ).

Punjab National Bank Q4: Net profit went down 65.5% at Rs 201.6 crore against Rs 586.3 crore (YoY). NII grew 5% at Rs 7,304.1 crore against Rs 6,956.8 crore (YoY). Gross NPA at 11.78% against 12.88% (QoQ). Net NPA at 4.8% against 4.9% (QoQ). Gross NPA at Rs 92,448 crore against Rs 97,259 crore (QoQ). Net NPA at Rs 34,908.7 crore against Rs 33,879 crore (QoQ).

 
 
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Punjab National Bank (PNB) share price suffered a 12 percent fall on May 12 after the bank declared its March quarter earnings.

The state-run lender reported a 66 percent decline in standalone net profit at Rs 202 crore for the fourth quarter of the financial year 2021-22 on higher amounts parked towards provisioning, even as its NPA levels dipped. It reported a net profit of Rs 586 crore in the corresponding quarter a year ago. The total standalone income during the January-March quarter stood at Rs 21,095 crore, down from Rs 21,386 crore in the corresponding period last year.

For the entire fiscal 2021-22, the bank's standalone net profit rose to Rs 3,456.96 crore, compared to Rs 2,021.62 crore in FY21, according to a regulatory filing.

The asset quality of the lender improved, with the gross non-performing assets (GNPAs) dropping to 11.78 percent of the gross advances as of March 2022, from 14.12 percent a year ago. PNB's net non-performing assets (NPAs) or bad loans also declined to 4.8 percent from 5.73 percent.

The lender kept a higher provision for bad loans and contingencies for the January-March quarter at Rs 4,851.47 crore, compared to Rs 3,540.32 crore earlier. The board of directors has recommended a dividend of Re 0.64 per equity share, 32 percent of face value of Rs 2 each for fiscal 2021-22, subject to the shareholders’ approval.

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At 12:14pm, the stock was trading at Rs 29.45, down Rs 3.65, or 11.03 percent. It has touched a 52-week low of Rs 29.05. It has touched an intraday high of Rs 31.70 and an intraday low of Rs 29.05.

The scrip was trading with volumes of 11,367,020 shares, compared to its five-day average of 3,275,340 shares, an increase of 247.05 percent.

Global research firm Morgan Stanley has retained its equal-weight call on the stock with a target of Rs 41 per share, an upside of 41 percent from the current market price. The research firm is of the view that PNB's profit was 81 percent below estimate despite a big beat on costs. CET 1 ratio progression was weak and declined 100 bps QoQ. We stay equal-weight on the valuation," it added.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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Moneycontrol News
first published: May 12, 2022 12:34 pm
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