DSIJ Mindshare

Punjab National Bank posts robust earnings and lower NPAs

Punjab National Bank reported its Q2FY18 results today. The quarterly earnings showed steady improvement in net profit and asset quality.

The NII for the quarter rose 4.2 per cent QoQ to Rs 4015 crore, which was largely due to 1.3 per cent rise in interest income for the quarter to Rs 12,299 crore as against Rs 12,163 crore in the previous quarter.

The bank was rattled with asset quality deterioration in previous quarters. However, in this quarter, the bank has posted steady improvement in asset quality. Its GNPA’s for the quarter remained almost flat at Rs 57,630 crore in Q2FY18 vs Rs 57,720 crore in Q1FY18. Also, as percentage to total advances, GNPAs and NNPAs declined by 30 bps and 23 bps for the quarter to 13.3% and 8.44% for Q2FY18.

The provisions saw decline of 6.4 per cent QoQ to Rs.2,440 crore in Q2FY18 vs Rs 2,608 crore in Q1FY18. The resultant PAT for the quarter saw 63.3 per cent jump to Rs 560 crore vs Rs 343 crore in previous quarter.

The bank's advances for the quarter rose 4 per cent YoY to Rs 410,265 crore in Q2FY18 vs Rs 393,730 crore in the corresponding quarter of the previous year, while deposits rose 10.7 per cent YoY to Rs 636,208 crore.

Punjab National Bank today opened at Rs 198.5 and jumped 5 per cent to close at Rs 207.30.

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