One of India's leading state-owned bank, Punjab National Bank (PNB) has recorded a fall of 20.6 per cent in tis net profit during the quarter from January to March, 2013.
New Delhi, May 9 : Punjab National Bank's net profit dropped 20.6 percent during the fourth quarter (January to March) of fiscal 2012-13.
It posted net profit of Rs. 1,130.8 crore during the quarter compared to Rs. 1,424.06 crore for the quarter ended March 31, 2012.
Total Income increased from Rs. 10,964.50 crore for the quarter ended March 31, 2012 to Rs. 11,552.84 crore for the quarter ended March 31, 2013.
It posted a net profit of Rs. 4,747.67 crore for the year ended March 31, 2013 as compared to Rs. 4,884.20 crore for the year ended March 31, 2012.(IANS)
Three government-run lenders, viz. United Bank of India (UBI), Punjab National Bank (PNB) and UCO Bank, have recently hiked their respective interest rates on domestic term deposits.
Punjab National Bank (PNB) on Friday gained competition watchdog’s approval for its 30 per cent stake acquisition in MetLife India Insurance.
The Competition Commission of India (CCI) approved the transfer of 60 crore equity shares from MetLife to PNB, saying the businesses offered by MetLife and PNB were not similar and identical, and therefore would not hurt competition in the market.
Public sector banks, including the State Bank of India (SBI) and Punjab National Bank, have urged the Union Finance Ministry to help them prevent loans of nearly Rs 2.3 lakh crore to private sector power companies from turning bad.
The banks have urged Finance Minister P Chidambaram to covey their concerns over to power, coal, petroleum and environment ministers.
According to a Credit Suisse report, private companies' 36 thermal power projects involving a debt of more than Rs 2 lakh crore are now facing potential strain.
Private sector lender ICICI Bank enjoyed a better-than-expected jump of 30 per cent in net profit to Rs 1,956 crore in the quarter ended September year-on-year.
Analysts had projected an increase of around 22 per cent in the bank's quarterly net profit. The bank attributed the better-than-expected net profit to its higher interest income, dividend income from subsidiaries, unwavering net interest margin and better cost management.
Indian Stock market went higher on Friday with NSE Nifty closing at 5099.85, gaining 56.85 points while BSE Sensex gained 199 points.
Tata Steel gained 3.9 per cent to close the day at Rs 399. Tata Motors gained 3.78% to close at 212. Sterlite Ind and HDFC Bank were among major gainers.
Stocks touching 52-week high include Ambuja Cements, Deccan Cements, Divis Labs, Marico, UltraTech Cement and Wockhardt.
Indian stock markets ended the day lower with Automobile, Banking and Energy stocks facing selling pressure. Among gainers were select stocks in Capital Goods, Consumer Durables and Healthcare sectors.
Among top gainers were Ranbaxy Labs, Asian Paints, BPCL and Larsen. Among major losers were Bank of Baroda, PNB and SAIL. PNB also touched 52-week low in today's trading session.
Punjab National Bank (PNB) has said that its net profit has risen 18 per cent in the fourth quarter till March 2012 to Rs 1,424 mainly due to increased interest and other incomes.
The net interest income of the bank, which is difference between interest earned and interest paid, rose increased 9.3 per cent to Rs 3,310 crore in the fourth quarter compared to the same quarter of the previous financial year.
The Punjab National Bank (PNB) has reported an increase of 12.1 per cent in net profits to Rs 1,205 crore for the second quarter of the year compared to Rs 1,074.5 crore in the same period previous year.
The country's largest nationalised lender saw an increase in interest income resulting in better than expected profits in the quarter. Net interest income for the bank rose 16 per cent to Rs 3,453 crore in the second quarter from Rs 2,977 crore in the same period last year.
Punjab National bank with its huge network constituting of 5, 290 branches along with a customer base of over 60 million credits to be the largest nationalized bank.
While commenting on a recent deal where PNB has agreed to pick up a 30% stake in MetLife India, the Chairman of Punjab national bank, K R Kamath, notified to reveal the commercial terms of the deal after receiving the regulatory approval and said that the agreement includes out-entry as a shareholder and also a deal where the bank will distribute products for the life insurance company.
Stock market analyst Alpesh Furiya has maintained 'buy' rating on Punjab National Bank (PNB) stock with a target of Rs 1425.
According to analyst, the stock can be purchased with a stop loss of Rs1350.
Furiya added said that the investors can achieve the said target within a period of 15 days.
The stock of the company, on Nov 05, closed at Rs 1376 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 1385 and a low of Rs 842.10 on BSE.
Current EPS & P/E ratio stood at 133.45 and 10.14 respectively.
Sushil Finance is bullish on Punjab National Bank (PNB) and has recommended 'buy' rating on the stock with a target of Rs 1340 in its latest research report.
According to Sushil Finance, the interested investors can buy the stock above Rs 1325 with a stop loss of Rs 1318.
The stock of the banking institution, on Oct 07, closed at Rs 1316.05 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 1332.70 and a low of Rs 816.85 on BSE.
Current EPS & P/E ratio stood at 128.76 and 10.27 respectively.
India's leading public sector lender Punjab National Bank (PNB) has reported that there has been a significant net profit rise in the first quarter of the current fiscal year. The bank has announced its first quarter financial results for 2010-11.
According to the company, it has registered a net profit of Rs 1,068 crore during the April-June quarter of fiscal year 2010-11.
For the same quarter in the previous year, the net profit of PNB was reported to be Rs 832 crore. Hence there has been a net profit rise of 28% in the quarter under review.
Punjab National Bank, the nation's second-biggest public sector financial arm, on Thursday recorded a 28.4 per cent hike in its net profit to Rs 1,068 crore for the quarter ending June 2010, contrasted with Rs 832 crore in the subsequent period last year.
The growth was geared up by a hike in interest income, whilst the bank handled to put the expenditures under control.
Vijaya Bank, Punjab National Bank and Principal Financial Group, Mauritius, have restructured their JV Arrangements.
As per the release, a Memorandum of Understanding (MoU) was signed to this effect on June 23.
Under the MoU, PNB would get hold of complete equity stake of Principal and Berger Paints of 26% and 25% respectively in the Insurance Brokering Company and Principal's and UK Paints stake of 26% and 32% in Principal PNB Life Insurance Company.
Chairman and Managing Director of Punjab National Bank K R Kamath announced that the banking institution was eyeing to clock a total business of Rs 5.5 lakh crore during the existing fiscal (2010-11).
In addition, Mr. Kamath said that the bank will open around 200 divisions in India during the current fiscal.
While addressing a press meet, Mr. Kamath stated that the bank's total business would be scaled up to Rs 5.5 lakh crore in the existing financial year as against Rs 4.35 lakh crore, which was registered during
The public sector bank, Punjab National bank said that it is going to buy 64 per cent stake in JSC Dana Bank of Kazakhstan. This was said by the Chairman and Managing Director of the bank, K R Kamath.
Talking to the media, he said that the deal has been approved by the Reserve Bank of India and that PNB is looking forward to it.
He also said that the bank is planning to spend $24 million for acquiring the stake. For financing it, the bank will combine dent and internal financing as well.
Stock market analyst Ashwani Gujral is of the view that investors can buy Punjab National Bank (PNB) stock to achieve a short term target of Rs 1050.
According to analyst, the investors can buy the stock with a stop loss of Rs 900.
Today, the shares of the bank opened at Rs 988 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1058.40 and a low of Rs 594.95 on BSE.
Current EPS & P/E ratio stood at 121.27 and 8.20 respectively.
Stock market analyst MB Singh is of the view that investors can hold Punjab National Bank (PNB) stock to achieve a long term target of Rs 1090.
According to analyst, the investors will hold the stock with a strict stop loss of Rs 970.
Today, the shares of the company opened at Rs 1000 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1045 and a low of Rs 471 on BSE.
Current EPS & P/E ratio stood at 115.31 and 8.79 respectively.
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