PNB posts profit in Q1 2019
NB has achieved profits of Rs 1018 crores in the first quarter of F.Y 2019. Last year, the bank had a loss of Rs 940 crore in this financial year. The provision of the bank decreased from Rs 5758 crores to Rs 2023 crores. Most analysts were estimating the bank’s losses. After this news, PNB’s stock gained 2.27 per cent and the stock price rose to Rs 67.5.
Edelweiss Securities had estimated PNB’s deficit to be 905 million. The gross NPA of the bank increased from 15.5% to 16.49%. At the same time, the net NPA fell by yearly and grew on quarterly basis.
The gross NPA of the bank decreased from 10.58 per cent to 7.17 per cent. That was 6.56 percent in the March quarter. The net interest income of the bank fell 37 percent to Rs 1406 crore. The bank had an income of Rs 2235 crore in the quarter last year. The total income of the bank increased from Rs 15072 crores to Rs 15161 crores.
PNB was cleaning its account for the past few months. Businessmen Neerav Modi and Mehul Choksi had duped PNB of more than Rs. 10 thousand crores. Due to this, the entire balance sheet of the bank was worsened.
However, the bank improved its performance and gradually progressed. In the quarter, every major analyst was estimating the loss to the bank. The bank surprised everyone by giving good results.
