PNB Shares Surge After Impressive Profit Report
Punjab National Bank (PNB) shares soared over 5% following the announcement of a significant rise in net profit for the December quarter, reaching Rs 4,508 crore. The earnings report highlighted a strong financial performance with increased income and improved asset quality, boosting investor confidence.
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- Country:
- India
Shares of Punjab National Bank (PNB) surged dramatically on Friday, climbing over 5% as the bank posted a more than two-fold increase in net profit, reaching Rs 4,508 crore for the December quarter.
The stock closed 4.76% higher at Rs 101.15 on the BSE, hitting an intraday peak of Rs 101.85, marking a 5.48% rise. Similarly, on the NSE, shares escalated by 5.15% to settle at Rs 101.50.
The bank's year-on-year performance showed considerable improvement, with total income rising to Rs 34,752 crore, up from Rs 29,962 crore. Interest income followed suit, increasing to Rs 31,340 crore. Notably, PNB's asset quality strengthened, with the gross non-performing assets ratio reducing to 4.09% from the previous 6.24%.
(With inputs from agencies.)