Punjab National Bank stocks slip over 13% on weak Q4 results

New Delhi, May 12 (IANS) Shares of Punjab National Bank saw a steep decline on Thursday after the lender reported weak earnings during Q4FY22.

The state-owned lender's standalone net profit dropped 66 per cent year on year to Rs 201 crore in Q4FY22.

The bank had posted a profit of Rs 586 crore in the same quarter last year -- Q4FY21.

The stock traded at its lowest level since November 2020, as per reports.

However, the bank's net interest income grew 5 per cent to Rs 7,304 crore, against Rs 6,957 crore last year.

Asset quality showed an improvement with gross non-performing assets as a percentage of gross advances dropping to 11.78 per cent from 14.12 per cent a year ago.

Gross NPAs in October-December 2021 were at 12.88 per cent. Net NPAs too improved as it stood at 4.80 per cent from 5.73 per cent a year ago and 4.90 per cent a quarter ago, the reports said.

At 2.36 p.m., the shares of the state-owned lender traded 13.4 per cent lower from the previous close at Rs 28.65.

So far in 2022, it tanked around 25 per cent.