PNB shares tumble over 6 pc after Q2 earnings

Shares of Punjab National Bank PNB on Tuesday fell over 6 per cent after the firm reported a 63 per cent decline in standalone net profit for the September quarter.The stock declined 5.87 per cent to settle at Rs 40.10 on the BSE.

Shares of Punjab National Bank (PNB) on Tuesday fell over 6 per cent after the firm reported a 63 per cent decline in standalone net profit for the September quarter.

The stock declined 5.87 per cent to settle at Rs 40.10 on the BSE. During the day, it tanked 6.33 per cent to Rs 39.90.

At the NSE, it fell 6.21 per cent to end at Rs 40. ` In traded volume terms, 80.60 lakh shares of the firm were traded at the BSE and over 14.61 crore shares at the NSE during the day.

State-owned Punjab National Bank on Tuesday reported a 63 per cent decline in standalone net profit at Rs 411 crore for the July-September quarter on account of higher provisioning for bad loans.

The bank had posted a net profit of Rs 1,105 crore in the year-ago period.

Total income in the second quarter of the current fiscal increased to Rs 23,001.26 crore as against Rs 21,262.32 in the July-September period a year ago, PNB said in a regulatory filing.

Provisions for bad loans increased to Rs 3,555.98 crore in the July-September quarter of FY23 as against Rs 2,692.74 crore in the year-ago period.