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Tuesday, February 3, 2015

PNB net inches up 2.5%

Delhi-based public sector bank, Punjab National Bank has reported a meagre 2.5 per cent growth in net profit for the three-month period ending December 31, 2014.

Net profit grew to Rs. 774.56 crore as against Rs. 755.41 crore in the corresponding period of fiscal 2013-14. The bank's bad debts (technically known as non-performing assets or NPA) also surged during the quarter. Its gross NPA as a percentage of total advances went up to 5.97 per cent from 5.65 per cent. Net NPA rose to 3.82 per cent from 3.26 per cent.

Net interest margin remained high at 3.21 per cent for the quarter ended December 2014.

The market showed its disappointment with the result as the bank’s share plummeted to Rs. 179.35 crore at 12.30 pm with a loss of over 6.5 per cent on Monday’s closing price.

Source : Thehindubusinessline


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