PNB Announces Quarterly Results (1QFY21); Net Profit Down 69.7%

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PNB Announces Quarterly Results (1QFY21); Net Profit Down 69.7%
Mon, 31 Aug

PNB has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

PNB Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Operating incomeRs m130,864138,590206,04948.7%57.5%
Other incomeRs m20,75325,29336,87945.8%77.7%
Total revenuesRs m151,617163,883242,92848.2%60.2%
InterestRs m89,45191,814138,56550.9%54.9%
Gross Profit Rs m41,41446,77567,48444.3%63.0%
Other expensesRs m27,35232,74651,56357.5%88.5%
Profit before taxRs m14,581-9,6905,942-59.3%
TaxRs m4,395-2,7182,857-35.0%
Profit after taxRs m10,186-6,9723,085-69.7%
Gross profit margin %31.633.832.8
Effective tax rate%30.128.148.1
Net profit margin%7.8-5.01.5
* 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 57.5% on a year-on-year (YoY) basis. The interest expended was up by 54.9% YoY during the same period.
  • The bank's operating profit increased by 63.0% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.8% in 1QFY21 as against 31.6% in 1QFY20.
  • Other income increased by 77.7% YoY during the quarter.
  • Net profit for the quarter declined by 69.7% YoY. Net profit margins during the quarter declined from 7.8% in 1QFY20 to 1.5% in 1QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 48.7% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 50.9% QoQ during the same period.
  • The bank's operating profit increased by 44.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.8% in 1QFY21 as against 33.8% in 4QFY20.
  • Net profit for the quarter increased by 144.2% QoQ, while net profit margins increased from -5.0% in 4QFY20 to 1.5% in 1QFY21.

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

Free Access: A guide to generating potentially colossal long-term wealth

PNB Share Price Performance

Over the last one year,PNB share price has moved down from Rs 65.0 to Rs 37.8, registering a Loss of Rs 27.2 or around 41.9%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 28,274.7 (up 1.4%). Over the last one year it has moved down from 30,949.7 to 28,274.7, a gain of 2,675 points (down 8.6%).

Overall, the S&P BSE SENSEX is up 6.5% over the year.

Current Valuations

At the current price of Rs 37.8, the price to book value (P/BV) ratio of PNB stands at 0.2 times.

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