100s of titles, one news app for just $10 a month.
Latest Business news:
Asian stocks up after Wall Street dip on China's Covid-bruised data
Hong Kong (AFP) - Asian stocks rose Tuesday despite a lukewarm lead from Wall Street after weak Chinese economic data…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Musk: Twitter deal at lower price "not out of the question"
Musk has continued to express skepticism about the company's estimate of spam and fake accounts.
Netflix toys with live TV as sales slump
Would pouring more money into original content do anything to help Netflix's profits?
Michael 'Big Short' Burry Shorts Apple
Hedge fund investor Michael Burry bets against Apple.
Once a powerful symbol in Russia, McDonald's withdraws
Two months after the Berlin Wall fell, another powerful symbol opened its doors in the middle of Moscow: a gleaming…
From analysis to good news, read the world’s best news in one place
U.S. backs U.N. push to get Ukraine grain back to global market
The United States supports efforts by U.N. Secretary-General Antonio Guterres to get Ukrainian grain back into the international marketplace amid…
ASX rises despite economic worries, Wall Street struggles on recession risk
Mining and energy companies propped up the Australian share market on Tuesday, though worries about a global economic slowdown and…

PNB shares tumble nearly 14% after Q4 earnings


NEW DELHI: Shares of Punjab National Bank (PNB) on Thursday tumbled nearly 14 per cent after the company reported over 60 per cent decline in standalone net profit for the quarter ended March 2022.

The stock tanked 13.60 per cent to end at Rs 28.60 apiece on the BSE. During the day, it tumbled 13.89 per cent to its 52-week low of Rs 28.50.

On the NSE, it plummeted 12.53 per cent to settle at Rs 28.95 apiece.

In volume terms, 171.82 lakh shares were traded on the BSE and over 20.34 crore shares on the NSE during the day.

On Wednesday, state-owned Punjab National Bank posted a 66 per cent decline in standalone net profit at Rs 202 crore for the quarter ended March 2022 due to a higher amount parked towards provisioning, even as the NPA levels declined.

The bank had posted a net profit of Rs 586 crore in the same quarter a year ago.

Total standalone income during the January-March quarter stood at Rs 21,095 crore, down from Rs 21,386 crore in the same period of 2021-21, PNB said in a regulatory filing.

For the full fiscal 2021-22, standalone net profit rose to Rs 3,456.96 crore against Rs 2,021.62 crore in FY21, the bank said.

The asset quality showed improvement, with the Gross non-performing assets (GNPAs) falling to 11.78 per cent of the gross advances as of March 2022, from 14.12 per cent a year ago.

Net NPAs or bad loans too declined to 4.8 per cent from 5.73 per cent.

However, the lender kept a higher provision for bad loans and contingencies for the fourth quarter of FY22 at Rs 4,851.47 crore. It stood at Rs 3,540.32 crore in the year-ago period.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.