Friday, 26 July 2013

Punjab National Bank hits 4-year low on rising bad loans

Punjab National Bank has tanked 6.2% to Rs 589, its lowest level since June 2009, after the state-owned bank said that its gross non-performing assets (NPA), as a percentage of advances, rose to 4.84% in June 2013 quarter against 3.34% in year ago quarter. In March quarter, gross NPA stood at 4.27%.

The bank’s Net NPAs were also increased to 2.98% during the quarter from 1.68% in the corresponding quarter of previous fiscal.

Meanwhile, the bank said net profit grew 2.3% to Rs 1,275 crore against Rs 1,246 crore a year ago. Net interest income rose to Rs 3,908 crore against Rs 3,693 crore last year.

The stock opened at Rs 630 and hit a high of Rs 632 before the announcement of results. A combined 3.23 million shares have changed hands till 1200 hours against an average around one million shares that were traded daily in past two weeks on NSE and BSE.

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