Punjab National Bank Q3 earnings: PNB’s stock climbed over 2% to reach Rs 104.65 from the previous closing at Rs 102.14 on the BSE. The bank’s market capitalization was at Rs 1.13 lakh crore.
Punjab National Bank Ltd (PNB) shares surged over 2% in the afternoon session following the bank’s announcement of a 253% increase in consolidated net profit for Q3 compared to the same period last year. The net profit for the December 2023 quarter reached Rs 2,222.8 crore, up from Rs 628.88 crore in the December 2022 quarter. Additionally, net interest income saw a YoY increase of 12.13% to Rs 10,293 crore in Q3 FY24. The Return on Assets (ROA) improved by 41 bps to 0.58% YoY in Q3 FY’24, and total income rose by 16% to Rs 29,962 crore in the December 2023 quarter. In the previous quarter, operating expenses decreased to Rs 6,636 crore, down from Rs 6,801 crore in Q3 FY’23.
Operating profit increased by 10.75% to Rs 6,330.71 crore in Q3, compared to Rs 5,715.90 crore in the corresponding period last year. PNB’s stock rose by over 2% to Rs 104.65 from the previous close of Rs 102.14 on the BSE, with the bank’s market capitalization standing at Rs 1.13 lakh crore. In Q3, net profit margins increased to 7.42%, up from 2.44% in the December 2022 quarter. The debt-to-equity ratio decreased to 0.85 in the recent quarter, down from a ratio of 1.00 in the December 2022 quarter. Additionally, the percentage of gross NPAs declined to 6.24% in Q3, compared to 9.76% in the corresponding year-ago period.
Expressed in rupees, gross NPAs in the December 2023 quarter decreased to Rs 60,371.38 crore, a decline from Rs 83,583.87 crore in the Q3 of the prior fiscal year. Similarly, net NPAs decreased to Rs 8,815.88 crore in the Q3 of the current fiscal year, down from Rs 26,363.13 crore in the December 2022 quarter. Previously, the PNB stock commenced trading at a higher value of Rs 102.58 on the BSE. The stock possesses a beta of 0.7, signifying low volatility over a year.
The banking stock has gained 95.60% in a year and risen 7.29% this year. A total of 49.82 lakh shares of the firm changed hands amounting to a turnover of Rs 51.24 crore. From a technical perspective, the PNB stock has a relative strength index (RSI) of 63.4, indicating it is currently trading in a neutral zone, neither overbought nor oversold. Moreover, PNB shares are surpassing the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages.
