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PNB Announces Quarterly Results (3QFY19); Net Profit Down 1189.6%

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PNB Announces Quarterly Results (3QFY19); Net Profit Down 1189.6%
Wed, 13 Feb

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

PNB Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m121,755123,263130,3515.8%7.1%
Other incomeRs m30,82017,09618,1926.4%-41.0%
Total revenuesRs m152,575140,359148,5425.8%-2.6%
InterestRs m81,86883,52287,4504.7%6.8%
Gross Profit Rs m39,88739,74142,9017.9%7.6%
Other expensesRs m28,25528,44230,0945.8%6.5%
Profit before taxRs m-2,215-69,184-24,078
TaxRs m-4,516-23,861995
Profit after taxRs m2,301-45,324-25,073-1189.6%
Gross profit margin %32.832.232.9
Effective tax rate%203.934.5-4.1
Net profit margin%1.9-36.8-19.2
* 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 7.1% on a year-on-year (YoY) basis. The interest expended was up by 6.8% YoY during the same period.
  • The bank's operating profit increased by 7.6% YoY during the quarter. Consequently, operating profit margins remained same and stood at 32.9% in 3QFY19.
  • Other income declined by 41.0% YoY during the quarter.
  • Net profit for the quarter declined by 1189.6% YoY. Net profit margins during the quarter declined from 1.9% in 3QFY18 to -19.2% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 5.8% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 4.7% QoQ during the same period.
  • The bank's operating profit increased by 7.9% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.9% in 3QFY19 as against 32.2% in 2QFY18.
  • Net profit for the quarter increased by 44.7% QoQ, while net profit margins increased from -36.8% in 2QFY18 to -19.2% in 3QFY19.

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 161.7 to Rs 71.1, registering a Loss of Rs 90.6 or around 56.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,154.4 (down 0.0%). Over the last one year it has moved up from 29,080.0 to 30,154.4, a gain of 1,074 points (up 3.7%).

Overall, the S&P BSE SENSEX is up 5.8% over the year.

Current Valuations

At the current price of Rs 71.1, the price to book value (P/BV) ratio of PNB stands at 0.3 times.

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