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PNB Announces Quarterly Results (4QFY19); Net Profit Up 64.6%

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PNB Announces Quarterly Results (4QFY19); Net Profit Up 64.6%
Thu, 30 May

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

PNB Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Operating incomeRs m113,846130,351128,357-1.5%12.7%
Other incomeRs m15,61118,19218,8943.9%21.0%
Total revenuesRs m129,457148,542147,251-0.9%13.7%
InterestRs m83,21287,45086,354-1.3%3.8%
Gross Profit Rs m30,63442,90142,003-2.1%37.1%
Other expensesRs m50,71830,09432,2857.3%-36.3%
Profit before taxRs m-208,005-24,078-72,099
TaxRs m-73,836995-24,603-2572.4%
Profit after taxRs m-134,169-25,073-47,496
Gross profit margin %26.932.932.7
Effective tax rate%35.5-4.134.1
Net profit margin%-117.9-19.2-37.0
* 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 12.7% on a year-on-year (YoY) basis. The interest expended was up by 3.8% YoY during the same period.
  • The bank's operating profit increased by 37.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.7% in 4QFY19 as against 26.9% in 4QFY18.
  • Other income increased by 21.0% YoY during the quarter.
  • Net profit for the quarter increased by 64.6% YoY. Net profit margins during the quarter increased from -117.9% in 4QFY18 to -37.0% in 4QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 1.5% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 1.3% QoQ during the same period.
  • The bank's operating profit declined by 2.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.7% in 4QFY19 as against 32.9% in 3QFY18.
  • Net profit for the quarter declined by 89.4% QoQ, while net profit margins declined from -19.2% in 3QFY18 to -37.0% in 4QFY19.

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 86.2 to Rs 82.4, registering a Loss of Rs 3.8 or around 4.4%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 35,305.2 (up 0.3%). Over the last one year it has moved up from 29,443.9 to 35,305.2, a gain of 5,861 points (up 19.9%).

Overall, the S&P BSE SENSEX is up 13.6% over the year.

Current Valuations

At the current price of Rs 82.4, the price to book value (P/BV) ratio of PNB stands at 0.4 times.

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