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Punjab Nat. Bank: Worst is not yet behind - Views on News from Equitymaster

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Punjab Nat. Bank: Worst is not yet behind

May 24, 2013

Punjab National Bank (PNB) declared its results for the fourth quarter for the financial year 2012-2013 (4QFY13). While the net interest income grew 14.2% YoY for the quarter, the net profits dropped 20.6% YoY

Performance summary
  • Net interest income (NII) grows by 14.2% YoY in 4QFY13, on the back of modest 5% YoY growth in advances.
  • Net interest margin (NIM) declined to 3.5% in FY13 from 3.8% a year ago.
  • Net NPA (non-performing assets) to advances comes in higher at 2.35% in FY13 from 1.52% in FY12, but was down sequentially from 2.56% in 3QFY13.
  • Other income dropped 8% YoY in 4QFY13 on the back of poor fee income that fell 16% YoY on account of lower fees, lower exchange profits and so on.
  • Capital adequacy ratio currently stands at 12.72% at the end of 4QFY13 that marginally improved from 12.63% at the end of 4QFY12 as per Basel II norms.
Rs (m) 4QFY12 4QFY13 Change FY12 FY13 Change
Interest income 96,885 103,788 7.1% 364,761 418,933 14.9%
Interest expense 63,786 66,001 3.5% 230,617 270,368 17.2%
Net Interest Income 33,099 37,787 14.2% 134,144 148,565 10.8%
Net interest margin (%)       3.8% 3.5%  
Other Income 12,760 11,740 -8.0% 42,026 42,159 0.3%
Other Expense 16,498 21,010 27.4% 70,028 81,651 16.6%
Provisions and contingencies 10,273 14,777 43.8% 35,773 43,856 22.6%
Profit before tax 19,089 13,740 -28.0% 70,370 65,218 -7.3%
Tax 4,848 2,432 -49.8% 21,528 17,741 -17.6%
Effective tax rate 25.4% 17.7%   30.6% 27.2%  
Profit after tax/ (loss) 14,241 11,308 -20.6% 48,842 47,477 -2.8%
Net profit margin (%) 14.7% 10.9%   13.4% 11.3%  
No. of shares (m)         353.5  
Book value per share (Rs)*         915.5  
P/BV (x)         0.9  

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