PNB Announces Quarterly Results (1QFY19); Net Profit Down 373.7%

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PNB Announces Quarterly Results (1QFY19); Net Profit Down 373.7%
Wed, 8 Aug

PNB has announced its results for the quarter ended June 2018. Here is a detailed performance review of the same:

PNB Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Operating incomeRs m121,364113,846131,13215.2%8.0%
Other incomeRs m23,31815,61119,59225.5%-16.0%
Total revenuesRs m144,681129,457150,72416.4%4.2%
InterestRs m82,81283,21284,2131.2%1.7%
Gross Profit Rs m38,55130,63446,91953.2%21.7%
Other expensesRs m29,69650,71824,564-51.6%-17.3%
Profit before taxRs m6,086-208,005-15,635-356.9%
TaxRs m2,652-73,836-6,235-335.1%
Profit after taxRs m3,434-134,169-9,400-373.7%
Gross profit margin %31.826.935.8
Effective tax rate%43.635.539.9
Net profit margin%2.8-117.9-7.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 8.0% on a year-on-year (YoY) basis. The interest expended was up by 1.7% YoY during the same period.
  • The bank's operating profit increased by 21.7% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 35.8% in 1QFY19 as against 31.8% in 1QFY18.
  • Other income declined by 16.0% YoY during the quarter.
  • Net profit for the quarter declined by 373.7% YoY. Net profit margins during the quarter declined from 2.8% in 1QFY18 to -7.2% in 1QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 15.2% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 1.2% QoQ during the same period.
  • The bank's operating profit increased by 53.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 35.8% in 1QFY19 as against 26.9% in 4QFY18.
  • Net profit for the quarter declined by 93.0% QoQ, while net profit margins increased from -117.9% in 4QFY18 to -7.2% in 1QFY19.

To see how PNB has performed over the last eight quarters, please visit here.

PNB Share Price Performance

Over the last one year, PNB share price has moved up from Rs 148.8 to Rs 82.4, registering a Loss of Rs 66.4 or around 44.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,588.5 (up 0.8%). Over the last one year it has moved up from 27,786.4 to 31,588.5, a gain of 3,802 points (up 13.7%).

Overall, the S&P BSE SENSEX is up 0.4% over the year.

Current Valuations

At the current price of Rs 82.4, the price to book value (P/BV) ratio of PNB stands at 0.4 times.

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