PNB shares jump 3% after Q1 earnings

TIL Desk/Business/New Delhi/ Shares of Punjab National Bank (PNB) today rose by almost 3 per cent after the company reported a 12.09 per cent increase in net profit during the April-June quarter. The stock gained 2.85 per cent to Rs 162 on the BSE.

On the NSE, shares of the company went up by 2.98 per cent to Rs 162.20. The state-owned lender today reported a 12.09 per cent increase in net profit at Rs 343.40 crore during the June quarter, helped by lower provisions for bad loans.

The bank had posted a net profit of Rs 306.36 crore during the corresponding quarter of the previous fiscal. Total income stood at Rs 14,468.14 crore during the three months to June, up 7.36 per cent, as against Rs 13,475.41 crore a year ago, PNB said in a BSE filing.

Gross non-performance assets (NPAs) as proportion of advances declined marginally to 13.66 per cent compared to 13.75 per cent at June-end last year. Net NPAs also came down to 8.67 per cent, from the earlier 9.16 per cent.