Latest News | PNB Stock Jumps over 5 Pc as Q3 Profit More Than Doubles

New Delhi, Jan 31 (PTI) Shares of Punjab National Bank (PNB) on Friday rallied over 5 per cent after the firm posted a more than two-fold jump in net profit at Rs 4,508 crore in the December quarter.

The stock jumped 4.76 per cent to end at Rs 101.15 apiece on the BSE. Intra-day, it rose by 5.48 per cent to Rs 101.85.

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On the NSE, it climbed 5.15 per cent to Rs 101.50 per share.

The bank had earned a net profit of Rs 2,223 crore in the same quarter a year ago.

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Total income increased to Rs 34,752 crore from Rs 29,962 crore in the same period a year ago, PNB said in a regulatory filing.

Interest income also rose to Rs 31,340 crore from Rs 27,288 crore.

On the asset quality front, the bank's gross non-performing assets ratio moderated to 4.09 per cent from 6.24 per cent a year ago.

Similarly, net NPAs, or bad loans, came down to 0.41 per cent from 0.96 per cent at the end of the third quarter last fiscal.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)