PNB Announces Quarterly Results (1QFY20); Net Profit Up 208.4%

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PNB Announces Quarterly Results (1QFY20); Net Profit Up 208.4%
Mon, 29 Jul

PNB has announced its results for the quarter ended June 2019. Here is a detailed performance review of the same:

PNB Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Operating incomeRs m131,132128,357130,8642.0%-0.2%
Other incomeRs m19,59218,89420,7539.8%5.9%
Total revenuesRs m150,724147,251151,6173.0%0.6%
InterestRs m84,21386,35489,4513.6%6.2%
Gross Profit Rs m46,91942,00341,414-1.4%-11.7%
Other expensesRs m24,56432,28527,352-15.3%11.4%
Profit before taxRs m-15,635-72,09914,581
TaxRs m-6,235-24,6034,395
Profit after taxRs m-9,400-47,49610,186
Gross profit margin %35.832.731.6
Effective tax rate%39.934.130.1
Net profit margin%-7.2-37.07.8
* 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 fell 0.2% on a year-on-year (YoY) basis. The interest expended was up by 6.2% YoY during the same period.
  • The bank's operating profit declined by 11.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.6% in 1QFY20 as against 35.8% in 1QFY19.
  • Other income increased by 5.9% YoY during the quarter.
  • Net profit for the quarter increased by 208.4% YoY. Net profit margins during the quarter increased from -7.2% in 1QFY19 to 7.8% in 1QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.0% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 3.6% QoQ during the same period.
  • The bank's operating profit declined by 1.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.6% in 1QFY20 as against 32.7% in 4QFY19.
  • Net profit for the quarter increased by 121.4% QoQ, while net profit margins increased from -37.0% in 4QFY19 to 7.8% in 1QFY20.

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 down from Rs 82.0 to Rs 68.9, registering a Loss of Rs 13.2 or around 16.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 33,093.7 (down 0.1%). Over the last one year it has moved up from 30,743.1 to 33,093.7, a gain of 2,351 points (up 7.6%).

Overall, the S&P BSE SENSEX is up 1.7% over the year.

Current Valuations

At the current price of Rs 68.9, the price to book value (P/BV) ratio of PNB stands at 0.3 times.

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