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PNB shares end nearly 1% higher after Q1 earnings

LiveMint logoLiveMint 02-08-2017 PTI

New Delhi: Shares of Punjab National Bank (PNB) Wednesday ended nearly 1% higher after the company reported a 12.09% increase in net profit during the April-June quarter. The stock ended at Rs 158.90, up 0.89% on BSE.

During the day, it gained 2.85% to Rs 162. On NSE, shares of the company rose by 0.92% to close at Rs 158.95. On the equity volume front, 21.55 lakh shares of the company were traded on BSE and over 3 crore shares changed hands on NSE during the day.

The state-owned lender today reported a 12.09% 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%, 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% compared to 13.75% at June-end last year. Net NPAs also came down to 8.67%, from the earlier 9.16%.

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