Punjab National Bank Q1 results: Net profit declined to Rs. 308.00 crores

 

Punjab National Bank Q1 results: It is one of the biggest banking and budgetary help banks in India situated in New Delhi. Be that as it may, it is the second-biggest open division bank (PSB) possessed by the Government of India. The bank has 180 million clients with just about 10,910 branches and 13,000 ATMs after the merger of United Bank of India and Oriental Bank of Commerce from April first, 2020. The bank likewise has its auxiliary in the UK known as Punjab International Bank.

 

Then, on Monday, August 24th, the bank revealed its Q1 results for the Financial Year 2020-21. Though, the bank's independent net benefit remained at Rs. 308.00 crores in this quarter finished on June 30th, 2020. While the bank additionally announced its independent net benefit of Rs. 1,018.63 crores in a similar quarter last financial year.

 

Additionally, the bank's complete revenue from tasks expanded to Rs. 24,292.80 crores in Q1FY21. While the bank likewise detailed its complete income of Rs. 15,161.74 crores in a similar quarter last monetary year. The bank likewise posted its working benefit expanded by 2.50% Year-on-Year (YoY) to Rs. 5,280.00 crores in Q1FY21.

 

On the opposite side, the bank's provisions and possibilities against awful advances multiplied to Rs. 4,836.40 crores as against Rs. 2,147.13 crores in a similar quarter a year ago. The bank's arrangement inclusion proportion (PCR) during this quarter expanded by 80.75% from 70.37% in a similar period last financial year.

 

In this way, the gross non-performing assets (NPAs) of the bank diminished by 14.11% as against 16.49% in a similar quarter last money related year. While the net non-performing resources (NPA) of the bank diminished by 5.39% as against 7.17% in a similar period a year ago.

 

Be that as it may, the portions of Punjab National Bank on Monday announced a bearish pattern in the financial exchange. The bank lost 0.55 focuses with a 1.54% reduction and arrived at 35.10 INR. While in BSE, the bank lost 0.35 focuses with a 0.98% decline and arrived at 35.30 INR.

 

Stock Market August 24th:

 

On Monday, both Sensex and Nifty announced a bullish pattern in the financial exchange from the last meeting. The Sensex is exchanging over 38,700 levels and Nifty is exchanging over 11,400 levels in the securities exchange. The Sensex increased 364.36 focuses with a 0.95% expansion and arrived at a 38,799.08 level. While Nifty increased 102.10 focuses with a 0.90% expansion and arrived at 11,473.70 level.

 

On the opposite side, the quantity of coronavirus cases in India arrived at 31,06,348 as of Monday, August 24th, and passings arrived at 57,542.

 

In the outskirt showcase, the S&P BSE SmallCap detailed a bullish pattern in the financial exchange on Monday. It increased 229.90 focuses with a 1.57% expansion and arrived at a 14,855.09 level. The S&P BSE MidCap increased 65.12 focuses with a 0.44% expansion and arrived at a 15,019.07 level. While Nifty Bank increased 533.40 focuses with a 2.39% expansion and arrived at 22,833.00 level.

 

Top Gainers on August 24th: Zee Entertainment, Kotak Mahindra, IndusInd Bank, Bajaj Finance, and HDFC Bank are the top gainers in the present securities exchange.

 

Top Losers on August 24th: Power Grid Corporation, Adani Ports, Hindalco Industries, Tech Mahindra, and M&M are the top washouts in the present securities exchange.