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PNB Announces Quarterly Results (2QFY19); Net Profit Down 908.5%

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PNB Announces Quarterly Results (2QFY19); Net Profit Down 908.5%
Mon, 5 Nov

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

PNB Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m122,993131,132123,263-6.0%0.2%
Other incomeRs m19,06019,59217,096-12.7%-10.3%
Total revenuesRs m142,053150,724140,359-6.9%-1.2%
InterestRs m82,84184,21383,522-0.8%0.8%
Gross Profit Rs m40,15246,91939,741-15.3%-1.0%
Other expensesRs m26,42124,56428,44215.8%7.6%
Profit before taxRs m8,383-15,635-69,184-925.3%
TaxRs m2,777-6,235-23,861-959.2%
Profit after taxRs m5,606-9,400-45,324-908.5%
Gross profit margin %32.635.832.2
Effective tax rate%33.139.934.5
Net profit margin%4.6-7.2-36.8
* 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 grew 0.2% on a year-on-year (YoY) basis. The interest expended was up by 0.8% YoY during the same period.
  • The bank's operating profit declined by 1.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.2% in 2QFY19 as against 32.6% in 2QFY18.
  • Other income declined by 10.3% YoY during the quarter.
  • Net profit for the quarter declined by 908.5% YoY. Net profit margins during the quarter declined from 4.6% in 2QFY18 to -36.8% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 6.0% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 0.8% QoQ during the same period.
  • The bank's operating profit declined by 15.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.2% in 2QFY19 as against 35.8% in 1QFY18.
  • Net profit for the quarter declined by 382.2% QoQ, while net profit margins declined from -7.2% in 1QFY18 to -36.8% in 2QFY19.

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 207.3 to Rs 70.3, registering a Loss of Rs 137.1 or around 66.1%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 28,984.0 (down 0.1%). Over the last one year it has moved down from 29,092.1 to 28,984.0, a gain of 108 points (down 0.4%).

Overall, the S&P BSE SENSEX is up 4.0% over the year.

Current Valuations

At the current price of Rs 70.3, the price to book value (P/BV) ratio of PNB stands at 0.3 times.

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