Punjab National Bank Q4 profit drops 62% as bad loans jump
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Mumbai: Punjab National Bank (PNB) shares fell as much as 6.5% on Friday after the bank reported a 62% drop in its net profit due to higher provisions and bad loans.
The company reported a net profit of Rs.306.56 crore in the March quarter as against Rs.806.35 crore a year ago.
The bank’s gross non-performing assets (NPAs) rose to 6.55% in the quarter compared with 5.25% in the same quarter last year. Provisions also rose 79% to Rs.3,834.19 crore.
PNB shares were trading at Rs.146.85 apiece, down 6%, at BSE at 1:02pm, while the benchmark Sensex was up 509.36 points, or 1.91%, to 27,108.47.
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