Punjab National Bank Q1 results: Net profit declined to Rs. 308.00 crores

Punjab National Bank Q1 results: Net profit declined to Rs. 308.00 crores Punjab National Bank Q1 results: It is one of the largest banking and financial service banks in India located in New Delhi. However, it is the second-largest public sector bank (PSB) owned by the Government of India. The... The post Punjab National Bank Q1 results: Net profit declined to Rs. 308.00 crores appeared first on stockinvestor.in.

Punjab National Bank Q1 results: Net profit declined to Rs. 308.00 crores

Punjab National Bank Q1 results: Net profit declined to Rs. 308.00 crores

Punjab National Bank Q1 results: It is one of the largest banking and financial service banks in India located in New Delhi. However, it is the second-largest public sector bank (PSB) owned by the Government of India. The bank has 180 million customers with almost 10,910 branches and 13,000 ATMs after the merger of and Oriental Bank of Commerce from April 1st, 2020. The bank also has its subsidiary in the UK known as Punjab International Bank.

Meanwhile, on Monday, August 24th, the bank reported its Q1 results for the Financial Year 2020-21. Whereas, the bank’s standalone net profit stood at Rs. 308.00 crores in this quarter ended on June 30th, 2020. While the bank also reported its standalone net profit of Rs. 1,018.63 crores in the same quarter last fiscal year. 

Besides, the bank’s total revenue from operations increased to Rs. 24,292.80 crores in Q1FY21. While the bank also reported its total revenue of Rs. 15,161.74 crores in the same quarter last financial year. The bank also posted its operating profit increased by 2.50% Year-on-Year (YoY) to Rs. 5,280.00 crores in Q1FY21.

On the other side, the bank’s provisions and contingencies against bad loans doubled to Rs. 4,836.40 crores as against Rs. 2,147.13 crores in the same quarter last year. The bank’s provision coverage ratio (PCR) during this quarter increased by 80.75% from 70.37% in the same period last fiscal year.

So, the gross non-performing assets (NPAs) of the bank decreased by 14.11% as against 16.49% in the same quarter last financial year. While the net non-performing assets (NPA) of the bank decreased by 5.39% as against 7.17% in the same period last year. 

However, the shares of Punjab National Bank on Monday reported a bearish trend in the stock market. The bank lost 0.55 points with a 1.54% decrease and reached 35.10 INR. While in BSE, the bank lost 0.35 points with a 0.98% decrease and reached 35.30 INR.

Stock Market August 24th:

On Monday, both Sensex and Nifty reported a bullish trend in the stock market from the last session. The Sensex is trading above 38,700 levels and Nifty is trading above 11,400 levels in the stock market. The Sensex gained 364.36 points with a 0.95% increase and reached a 38,799.08 level. While Nifty gained 102.10 points with a 0.90% increase and reached 11,473.70 level.

On the other side, the number of coronavirus cases in India reached 31,06,348 as of Monday, August 24th, and deaths reached 57,542.

In the border market, the S&P BSE SmallCap reported a bullish trend in the stock market on Monday. It gained 229.90 points with a 1.57% increase and reached a 14,855.09 level. The S&P BSE MidCap gained 65.12 points with a 0.44% increase and reached a 15,019.07 level. While Nifty Bank gained 533.40 points with a 2.39% increase and reached 22,833.00 level.

Top Gainers on August 24th: Zee Entertainment, Kotak Mahindra, IndusInd Bank, Bajaj Finance, and HDFC Bank are the top gainers in today’s stock market.

Top Losers on August 24th: Power Grid Corporation, Adani Ports, Hindalco Industries, Tech Mahindra, and M&M are the top losers in today’s stock market. 

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