Punjab National Bank Q2 Profit Beats Estimates, Shares Surge

PNB shares rose over 5 per cent to Rs 208 at day's high

State-run Punjab National Bank, the country’s fourth-biggest lender by assets, reported a 2 per cent rise in second-quarter profit, beating forecasts. Its shares rose over 5 per cent to Rs. 208 at day’s high. Net profit rose to Rs. 561 crore for the quarter ended September 30, from Rs. 549 crore a year earlier, the state-run bank said.

Analysts polled by Reuters on average had expected a net profit of Rs. 433 crore, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans stood at 13.31 per cent at end-September compared with 13.66 per cent at end-June quarter and 13.63 per cent a year earlier.