Punjab National Bank: Margins may dip further
Results 1 to 5 of 5
India's second biggest public sector lender Punjab National Bank posted a net profit of Rs 1,424.06 crore in the three month period ended March 2012 – a growth of 18.6% as compared to Rs 1,200.9 crore in the same quarter last year.
Bank’s total income grew by 27.6% to Rs 10,955.7 crore in the period under review as against Rs 8,585.7 crore in the same period last fiscal.
Interest income of Punjab National Bank in period between January to March of 2012 surged 30.1% to Rs 9,680 crore from Rs 7,440 crore in the corresponding period a year ago.
But, the net interest income zoomed 9.3% at Rs 3,310 crore as compared to Rs 3,029 crore during the same quarter of last year.
The bank has recorded 15.7% jump in the total provisions at Rs 1,512.1 crore during the quarter against Rs 1,306 crore in 2010-11.
There was a major increase in Provision for Non Performing Assets (NPA) that climbed sharply by 73% to Rs 939 crore in the fourth quarterly period of 2011-12.
The gross NPA of PNB as a percentage of advances remained up by 2.9%.
The stock looks good for medium or long term investment.
The investors can buy the stock on declines.
Hold Punjab National Bank: Ventura
Bombay HC orders Punjab National Bank to pay Rs 148. 36 crore to Etisalat DB Telecom