Punjab National Bank’s (PNB’s) earnings for the third quarter ended December (Q3) shocked investors as the lender posted a steep loss during the period as against expectations of bumper profit after recovery from one of the largest NCLT accounts -- Essar Steel. NCLT here refers to the National Company law Tribunal. Here are 10 key takeaways from PNB’s Q3 results:
-- PNB on Tuesday reported a standalone net loss of Rs 492.3 crore for the December quarter against a profit of Rs 246.50 crore in the year-ago quarter. Notably, a CNBC-TV18 poll estimated a profit of Rs 967.7 crore.
-- On a consolidated basis, PNB reported a net loss of Rs 501.93 crore during the quarter compared with a net profit of Rs 249.75 crore in the same period a year ago.
-- Losses came on the back of a spike in provisions set aside for bad loans. Provisions for the December quarter stood at Rs 4,146 crore compared with Rs 2,754 crore a year ago and Rs 2,929 crore in the previous quarter.
-- PNB’s net interest income (NII) stood at Rs 4,355.05 crore during the December quarter, up 1.5% from Rs 4,290.05 crore in the year-ago quarter.
-- Total revenue climbed 7.49% year-on-year to Rs 15,967.49 crore in the December quarter against Rs 14,854.23 crore in the year-ago quarter.
-- PNB’s total assets stood at Rs 8,20,779.98 crore in the third quarter against Rs 7,47,806.10 crore a year ago.
-- Things improved on the asset quality front with Q3 gross NPA (non-performing assets) at Rs 76,809 against Rs 77,733.33 crore a year ago, while net NPA stood at Rs 30,518.92 crore against Rs 35,675.12 crore.
-- The percentage of gross NPAs stood at 16.3% in Q3 against 16.33% a year ago and 16.76% in the previous quarter. On the other hand, the percentage of net NPAs fell to 7.18% against 8.22% a year ago and 7.65% in the previous quarter.
-- PNB’s provision coverage ratio was at 75.27% as on 31 December 2019.
-- After the earnings announcement, PNB shares fell as much as 1.8% to touch an intra-day low of Rs 56.30.
Comments
0 comment