Punjab National Bank sheds 7% on asset quality concerns
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Shares of Punjab National Bank are trading lower b y 7% to Rs 178 on the BSE after gross NPAs as a percentage to total advances rose to 5.97% from 4.96% in the same quarter an year ago.
Meanwhile, the country's second largest public sector bank by assets had reported net profit of Rs 755.41 crore for the October- December quarter of the 2013-14 financial year.
However, total provisions, excluding for income tax, made during the third quarter of 2014-15 were Rs 1,467.77 crore as against Rs 1,590.04 crore in the year-ago period.
The bank's total income for the nine month period in the current fiscal is Rs 38,750 crore, compared to Rs 35,302 crore in the same period of the previous financial year.
The stock opened at Rs 194, touched a high of Rs 195 on the BSE. By 1.10PM, a total of 2,577,706 shares changed hands on the BSE.
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