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PNB Stock Dives 10% on Flop Q4: Weighs Nifty PSU Bank Down, Index Tanks 4%

By Malvika Gurung

Investing.com — Shares of the general public sector lender Punjab Nationwide Financial institution (NS:) tanked 10% to Rs 29.8 on the time of writing, and hit a contemporary 52-week low at Rs 29.5 apiece in early commerce on Thursday.

PNB’s share hunch has pulled indices and down, falling 3.7% and a pair of.17% decrease, respectively. PSU Financial institution is the worst sectoral performer within the Nifty basket.

The inventory dived following a flop March earnings report launched post-market hours on Wednesday, with standalone web revenue declining 65.5% YoY to Rs 201.6 crore, far lacking the Road’s estimate of Rs 1,388.1 crore within the quarter.

The revenue declined because of the next quantity put aside for provisioning, regardless that the lender’s NPA ranges within the quarter declined.

The lender’s complete earnings diminished marginally by 1.36% YoY to Rs 21,095 crore, whereas NII climbed 5% YoY to Rs 7,305 crore within the March quarter.

When it comes to asset high quality, the nation’s second-largest financial institution reported an enchancment in This autumn FY22, as its gross NPA fell to 11.78% from 14.12% in This autumn FY21, and web NPA or dangerous loans declined to 4.8% from 5.73% earlier.

On the identical time, nevertheless, PNB parked an over 37% YoY larger provision for dangerous loans and contingencies for the March quarter at Rs 4,851.47 crore within the quarter.

The financial institution’s board of administrators has beneficial a dividend of Re 0.64/share for FY22.

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