PNB reports profit of Rs 1,019 crore for June quarter, net NPAs rise QoQ



Punjab National bank (PNB) on Friday reported a profit of Rs 1,018.63 crore for the quarter ended June 30, 2019 (Q1FY20) against loss of Rs 940 crore registered in the corresponding quarter of the previous fiscal.
Provisions and contingencies stood at Rs 2,023.31 crore, down 64.8 per cent against 5,758.16 crore logged in the year-ago period. Sequentially, the numbers droped 79.9 per cent. In the March quarter, figures stood at Rs 10,071.11 crore.
It was a positive surprise from the bank as most analysts had projected loss for the period.
For instance, analysts at Edelweiss Securities had forecast the public sector lender to report a loss of Rs 905.8 crore while those at Phillip Capital had estimated NII at Rs 4,316.5 crore, down 8 per cent YoY and a loss of Rs 1,006.9 crore.
“Business momentum is expected to be softer (albeit improving). The asset quality performance is likely to show some improvement… That said credit cost will be higher,” Edelweiss Securities had written in a results preview note.
Gross NPAs increased to 16.49 per cent against 15.50 per cent in the previous quarter. In the year-ago period, the figures stood at 18.26 per cent.
Net NPA (non-performing assets) declined year-on-year (YoY) to 7.17 per cent against 10.58 per cent in the year-ago period. Sequentially it rose as in the March quarter, the figures stood at 6.56 per cent. Read More




Article Source -> Business Standard

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