PNB shares drop over 5 pc after earnings
Shares of Punjab National Bank (PNB) on Tuesday dropped over 5 per cent as gross non-performing assets for the September quarter worsened sequentially.
The scrip plunged 5.06 per cent to close at Rs 64.75 on the BSE. During the day, it tumbled 5.71 per cent to Rs 64.30.
At the NSE, it tanked 5.27 per cent to close at Rs 64.60.
PNB's gross non-performing assets (NPAs) accounted for 16.76 per cent of the gross advances at the end of September, lower than 17.16 per cent a year ago. However, sequentially it rose from 16.49 per cent in the June quarter.
PNB on Tuesday reported a profit of Rs 507.06 crore for the second quarter ended September 30.
The state-owned lender had posted a loss of Rs 4,532.35 crore during the same quarter a year ago.
Net NPAs also rose to 7.65 per cent in September quarter from 7.17 per cent in June quarter.
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