Tuesday, 8 November 2016

Punjab National Bank shares surge 6% on good Q2 and PNB Housing Listing

For the July-September quarter, the bank reported 12.71 per cent rise in operating profit at Rs 3,312.04 crore compared with Rs 2,938.52 crore reported for Q2 of FY16.

The net profit dipped 11.54 per cent to Rs 549.36 crore from Rs 621.03 crore reported for the same quarter last year. 

Gross non-performing assets continued to stay above 13% and the stressed asset ratio remained a massive 18%.

The bank’s housing finance arm, PNB Housing Finance, received a big thumbs-up from investors in debut trade on the stock market.PNB Housing Finance made a stellar debut on the bourses, listing on BSE at Rs 863, an 11.35 per cent premium to the issue price of Rs 775. On NSE, the stock got listed at Rs 860, up 10.97 per cent.This made the stock of the state-run bank jump 5.77% to hit a high of Rs 139.20 on BSE in morning trade.

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