 "Punjab National Bank dips as bad loans rise in Q4")
Punjab National Bank has dipped 6% to Rs 146, falling nearly 9% from intra-day’s high on the NSE, after reporting a sharp 62% fall in net profit at Rs 307 crore for the fourth quarter ended March 2015 (Q4), due to higher provisioning for bad loans. The state-owned bank had posted a profit of Rs 806 crore in the year-ago quarter.
The net non-performing assets (NPA) for the quarter rose to 4.06% from 2.85% in the same period last year, Punjab National Bank said in a statement.
The provisions set aside for bad loans and loan contingencies rose 79% to Rs 3,834 crore from Rs 2,139 crore in the same period a year earlier, it added.
The net interest income (interest earned minus interest expended) during the quarter under review declined by 5.2% to Rs 3,792 crore against Rs 4,002 crore in the corresponding quarter of the previous year.
The stock opened at Rs 158 and hit a high of Rs 160 on the NSE in early morning trades. A combined 11.97 million shares changed hands on the counter on the NSE and BSE.
At 1236 hours, the stock was down 5% at Rs 148.
The net non-performing assets (NPA) for the quarter rose to 4.06% from 2.85% in the same period last year, Punjab National Bank said in a statement.
The provisions set aside for bad loans and loan contingencies rose 79% to Rs 3,834 crore from Rs 2,139 crore in the same period a year earlier, it added.
The net interest income (interest earned minus interest expended) during the quarter under review declined by 5.2% to Rs 3,792 crore against Rs 4,002 crore in the corresponding quarter of the previous year.
The stock opened at Rs 158 and hit a high of Rs 160 on the NSE in early morning trades. A combined 11.97 million shares changed hands on the counter on the NSE and BSE.
At 1236 hours, the stock was down 5% at Rs 148.