Shares of Punjab National Bank (PNB) on Thursday tumbled almost 14 per cent after the corporate reported over 60 per cent decline in standalone internet revenue for the quarter ended March 2022.
The inventory tanked 13.60 per cent to finish at Rs 28.60 apiece on the BSE. During the day, it tumbled 13.89 per cent to its 52-week low of Rs 28.50.
On the NSE, it plummeted 12.53 per cent to settle at Rs 28.95 apiece.
In quantity phrases, 171.82 lakh shares had been traded on the BSE and over 20.34 crore shares on the NSE in the course of the day.
On Wednesday, state-owned Punjab National Bank posted a 66 per cent decline in standalone internet revenue at Rs 202 crore for the quarter ended March 2022 attributable to a better quantity parked in the direction of provisioning, even because the NPA ranges declined.
The financial institution had posted a internet revenue of Rs 586 crore in the identical quarter a yr in the past.
Total standalone revenue in the course of the January-March quarter stood at Rs 21,095 crore, down from Rs 21,386 crore in the identical interval of 2021-21, PNB mentioned in a regulatory submitting.
For the complete fiscal 2021-22, standalone internet revenue rose to Rs 3,456.96 crore in opposition to Rs 2,021.62 crore in FY21, the financial institution mentioned.
The asset high quality confirmed enchancment, with the Gross Non-Performing Assets (GNPAs) falling to 11.78 per cent of the gross advances as of March 2022, from 14.12 per cent a yr in the past.
Net NPAs or unhealthy loans too declined to 4.8 per cent from 5.73 per cent.
However, the lender stored a better provision for unhealthy loans and contingencies for the fourth quarter of FY22 at Rs 4,851.47 crore. It stood at Rs 3,540.32 crore within the year-ago interval.
Source: www.financialexpress.com”