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Punjab National Bank (PNB) has reported a net profit of Rs 1275 crores for Q1 2014, which was in line with expectations.The gross non performing assets, however, came in at a whopping 4.84 per cent, as against 4.27 per cent in the previous quarter. This was ahead of street expectations, which resulted in its share price plunging.
The net non performing assets have come in at 2.98 per cent as on June 30, 2013. The provision coverage has come down to 54.6 per cent, which analysts say could have boosted profitabilty.PNB like most other PSU banks have reported a poor set of numbers, particularly on the non performing assets front. Banks are hit by deteriorating in economic conditions, which has resulted in rising non performing assets.
To compound the woes of banks is the recent RBI measures to squeeze liquidity from the system to help prop up the rupee, which might hit margins. Shares of Punjab National Bank plunged in trade and was last trading at Rs 590, down almost 6 per cent in trade.
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