Punjab National Bank Edges Lower After Profit Jumps 3-Folds In June Quarter
Share price of Punjab National Bank edged lower by one per cent on Tuesday, August 3, a day after the state-owned bank announced its April-June quarter results for the financial year 2021-22. On Tuesday, Punjab National Bank opened on the BSE at Rs 41.40, inching to an intra day high of Rs 41.45 and an intra day low of Rs 40.05, in the trading session so far. Punjab National Bank reported a net profit of Rs 1,023.46 crore on a standalone basis in the first quarter of the current fiscal year, compared to Rs 30.8.45 crore in the corresponding quarter last year.
The bank's net profit jumped 232 per cent - over three-fold during the June quarter driven by a fall in operating expenses and a stable recovery. PNB's net internet income (NII) in the June quarter stood at Rs 7,226 crore, compared to Rs 6,782 crore in the same quarter last year, marking a growth of 6.5 per cent year-on-year.
The bank's operating expenses during the June quarter came down to Rs 4.722 crore from Rs 5.156 crore in the corresponding period last year. The total income stood at Rs 22,515 crore, compared to Rs 24,292.80 crore in the same period last year, according to a regulatory filing by the bank to the stock exchanges.
On the NSE, Punjab National Bank opened at Rs 41.50, registered an intra day high of Rs 41.50 and an intra low of Rs 40.05, in the session so far. It was last trading 0.98 per cent at Rs 40.30 on the NSE.
Shares of Punjab National Bank were last trading 0.98 per cent lower at Rs 40.30 on the BSE.
