Earning boosts PNB, Stock shines

India’s second-largest state-owned bank Punjab National bank (PNB) reported a 7 percent year-on-year growth in net profit for the third quarter ended December 2018, led by fall in provisions.

The prominent bank has posted net profit of Rs.246.51 crores as against net loss of Rs 4532.35 crores for the period ended Sept 30, 2018. It has reported net sales of Rs14,854.24 crores during the period ended Dec 31, 2018 v/s Rs.14,035.88 crores during the period ended Sept 30, 2018. Earnings per share marked of Rs.0.70 for the period ended December 31, 2018 vs Rs16.18 for the period ended Sept 30, 2018.

This mount in profit brought cheers among investors which led to a sharp surge in the price of PNB stocks on the BSE and NSE, in Tuesday’s trade. PNBs stock on BSE spiked 1.44% in the mid-session with share price quoting at 74.20. Conversely,  NSE too keep parallel velocity with Nifty Bank index rising at 0.46 percent at 27,312.00 with PNB rising at 1.64 percent with benchmark nifty50 moving higher at 10949 level, up by 36 points.

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