State-owned Punjab National Bank's (PNB) third quarter (October-December) net profit moderated 5.5% year-on-year to Rs 1,150 crore on the back of higher provisions against non-performing loans. The numbers were lower than the market expectation.
CNBC-TV18 poll saw profit after tax of Rs 1,262 crore and net interest income of Rs 3,510 crore.
The net interest income or the difference between interests earned and paid out rose more than 10% y-o-y to Rs 3,537 crore. Total loan book expanded by nearly 19% to Rs 2.63 lakh crore. Retail loans grew 20% y-o-y to Rs 26,000 crore.
The gross non-performing asset (NPA) ratio increased from 2.05% to 2.42% sequentially while the net NPA ratio too rose from 0.84% to 1.11% quarter-on-quarter.During the quarter, the bank's provisions against bad loans climbed more than 32% to Rs 946 crore as compared with Rs 714 crore a year back.
Total deposits increased more than 23% y-o-y to Rs 3.57 lakh crore while the current account and savings account (CASA) deposits, traditionally cheap source of funds for banks, crawled up 12% to Rs 1.26 lakh crore.
The share of CASA to total deposits contracted from 37.1% to 36.2% sequentially. This suggests, the bank continued to focus on term deposits offering higher rate of interests.
PNB's net profit for nine months rose 7% y-o-y to Rs 3,460 crore.
Source: www.moneycontrol.com
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DENIP Consultants Pvt Ltd
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