PNB Shares Jump 3% After Q1 Earnings

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PNB Housing Finance also reported a 64 per cent surge in its net interest income to Rs 343.60 crore for June quarter, compared to Rs 209.20 crore in the same period past year.

The total income for the quarter under discussion was up by 6.18 percent to Rs 5,155 crore and the same was reported as Rs 4,855 crore during the first quarter of FY 17, the bank said in a statement. The lender increased provisioning for bad loans by 28% to Rs1,204.25 crore during the June quarter.

Its net profit stood at Rs 36 crore in the year-ago period, the Bengaluru-based company said in a regulatory filing. Segment-wise, the Kolkata-headquartered bank reported fall in its interest income to Rs3,766.58 crore during April-June period of 2017-18, compared to Rs4,189.64 crore in the same period a year earlier.

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Interestingly, provisions for non-performing assets (NPAs) saw decline of 19.14% to Rs 2,559.71 crore in Q1 as against Rs 3,165.67 crore in the similar period of the previous year. Its net NPA ratio was at 8.94% at the end of fourth quarter last fiscal. However, on a sequential basis, gross NPAs increased from 12.53 per cent as on March 31, 2017.

The buy-back of shares, at 1.5 per cent of the total paid up equity share capital, will be at Rs 425 per share.

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