Punjab National Bank shares rise nearly 6 per cent on Q1 net profit
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Shares of Punjab National Bank rose over 6 per cent on its first quarter net profit of current fiscal.
At 2:30 pm, Punjab National Bank stocks traded 4.62 per cent up on BSE. On NSE, PNB stocks rose 5.03 per cent.
Pulled down by higher bad loan provisioning, country’s second largest public sector lender Punjab National Bank (PNB)’s net profit during the June quarter nearly halved to Rs 721 crore.
PNB’s first quarter net profit of current fiscal on Monday showed a 48.68 per cent decline from Rs 1,405 crore reported the same quarter of 2014-15 fiscal.
The gross non-performing assets (NPAs) of the bank increased from Rs 25,397 crore in the June quarter of current fiscal as against Rs 19,603 crore in the same quarter of last fiscal as per data on the NSE.
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