 "Punjab National Bank dips on disappointing Q2 results")
Shares of Punjab National Bank has dipped 4% to Rs 919, falling nearly 6% from intra-day high on BSE, after reporting a lower-than-expected net profit of Rs 575 crore for the second quarter ended September 2014 (Q2), due to higher employee cost. The state-owned lender had profit of Rs 505 crore in the same quarter last fiscal.
Net interest income (difference between interest earned and interest expended) grew 3.3% at Rs 4,151 crore on yoy basis.
Analyst on an average had expected profit of Rs 1,226 crore on net interest income of Rs 4,671 crore.
The bank said the gross non-performing assets (NPA) as a proportion of advances in September quarter went up to 5.65% from 5.14% a year ago.
In absolute terms, the gross NPA stood at Rs 20,752 crore compared to Rs 16,526 crore in the same quarter previous year. Net NPAs also increased to 3.26% from 3.07% in the same quarter last year.
The bank’s employee cost increased 23% to Rs 2,034 crore in September quarter from Rs 1,659 crore in the corresponding quarter of previous year.
The stock opened at Rs 964 and hit a high of Rs 975 on BSE. A combined 2.8 million shares changed hands on the counter so far on BSE and NSE.
Net interest income (difference between interest earned and interest expended) grew 3.3% at Rs 4,151 crore on yoy basis.
Analyst on an average had expected profit of Rs 1,226 crore on net interest income of Rs 4,671 crore.
The bank said the gross non-performing assets (NPA) as a proportion of advances in September quarter went up to 5.65% from 5.14% a year ago.
In absolute terms, the gross NPA stood at Rs 20,752 crore compared to Rs 16,526 crore in the same quarter previous year. Net NPAs also increased to 3.26% from 3.07% in the same quarter last year.
The bank’s employee cost increased 23% to Rs 2,034 crore in September quarter from Rs 1,659 crore in the corresponding quarter of previous year.
The stock opened at Rs 964 and hit a high of Rs 975 on BSE. A combined 2.8 million shares changed hands on the counter so far on BSE and NSE.