PNB Announces Quarterly Results (2QFY20); Net Profit Up 111.2%

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PNB Announces Quarterly Results (2QFY20); Net Profit Up 111.2%
Fri, 8 Nov

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

PNB Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Operating incomeRs m123,263130,864132,9191.6%7.8%
Other incomeRs m17,09620,75322,6479.1%32.5%
Total revenuesRs m140,359151,617155,5662.6%10.8%
InterestRs m83,52289,45190,2810.9%8.1%
Gross Profit Rs m39,74141,41442,6383.0%7.3%
Other expensesRs m28,44227,35229,6668.5%4.3%
Profit before taxRs m-69,18414,5816,331-56.6%
TaxRs m-23,8614,3951,260-71.3%
Profit after taxRs m-45,32410,1865,071-50.2%
Gross profit margin %32.231.632.1
Effective tax rate%34.530.119.9
Net profit margin%-36.87.83.8
* 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 7.8% on a year-on-year (YoY) basis. The interest expended was up by 8.1% YoY during the same period.
  • The bank's operating profit increased by 7.3% YoY during the quarter. Consequently, operating profit margins remained same and stood at 32.1% in 2QFY20.
  • Other income increased by 32.5% YoY during the quarter.
  • Net profit for the quarter increased by 111.2% YoY. Net profit margins during the quarter increased from -36.8% in 2QFY19 to 3.8% in 2QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 1.6% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 0.9% QoQ during the same period.
  • The bank's operating profit increased by 3.0% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.1% in 2QFY20 as against 31.6% in 1QFY19.
  • Net profit for the quarter declined by 50.2% QoQ, while net profit margins declined from 7.8% in 1QFY19 to 3.8% in 2QFY20.

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

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PNB Share Price Performance

Over the last one year,PNB share price has moved down from Rs 71.1 to Rs 61.8, registering a Loss of Rs 9.3 or around 13.1%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 34,868.7 (up 0.7%). Over the last one year it has moved up from 29,041.3 to 34,868.7, a gain of 5,827 points (up 20.1%).

Overall, the S&P BSE SENSEX is up 15.1% over the year.

Current Valuations

At the current price of Rs 61.8, the price to book value (P/BV) ratio of PNB stands at 0.3 times.

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