PNB Q4 net dips to Rs. 1130 cr, shares jump 4% on asset quality
PNB shares traded 4.85 per cent higher at Rs. 784 on the NSE as of 12.30p.m., outpacing the broader Bank Nifty, which traded 0.18 per cent lower.
Asset quality improves:
Net non-performing asset (NPA) declined to 2.35 per cent of advances for the quarter ended March, 2013 against 2.56 per cent of the advances in the quarter ended December, 2012. Gross NPAs also declined to 4.27 per cent of advances against 4.61 per cent of advances in the previous quarter.
Net NPAs declined to Rs. 7,236 crore in Q4 against Rs. 7,486 crore in Q3, while gross NPAs declined to Rs. 13,465 crore in Q4 against Rs. 13,997 crore in Q3.
However, provisions for bad loans went up to Rs. 1,478 crore against Rs. 801.5 crore in the previous quarter.
Net interest income rose 14.2 per cent year-on-year to Rs. 3,779 crore against estimates of Rs. 3,860 crore. Net profit stood at Rs. 1,130 crore against estimates of Rs. 1,320 crore.
Net interest margins, a key measure of profitability, rose to 3.51 per cent in the fourth quarter against 3.47 in the previous quarter.
Source : NDTV Profit