Edelweiss Financial Q4 net rises 40 pc to Rs 170 cr

Posted May 17, 2017

Share price of PNB soared over Rs 8 or 5.15% on BSE, trading at Rs 175.55 per piece.

Provisions for the quarter stood at Rs 5,753 crore against Rs 2,562 crore in the December quarter. During the day, the stock tumbled 4.87 per cent to Rs 67.25.

Punjab National Bank on Tuesday reported standalone net profit of Rs 261.90 crore in the fourth quarter ended March 31, 2017.

PNB's MD and CEO Sunil Mehta said the bank has witnessed improvement in gross net performing assets (NPAs) or bad loans which declined to 12.53 per cent of gross advances at the end of March this year, as against 12.90 per cent year ago. Net NPAs or bad loans were of the order of 7.57 per cent, up from 4.61 per cent.

Full year income was marginally down at Rs 20,304.72 crore from Rs 20,795.07 crore a year ago.

The bank had posted a net loss of Rs 581.13 crore during the corresponding quarter of preceding fiscal due to RBI's prudential norms on asset classification requiring banks to provide for a higher coverage for bad loans.

The company's market valuation also rose by Rs 1,617.69 crore to Rs 37,143.69 crore.

The lender's total income during the quarter under review rose by 18.31 per cent to Rs 14,989.33 crore from Rs 12,669.21 crore earned during Q4 of FY16.