Shares of Punjab National Bank (PNB) on Thursday tumbled over 11 per cent after the company reported a 66 per cent decline in standalone net profit for the quarter ended March 2022.

The stock tanked 11.17 per cent to its 52-week low of Rs 29.40 on the BSE and NSE.

State-owned Punjab National Bank on Wednesday reported a 66 per cent decline in standalone net profit at Rs 202 crore for the quarter ended March 2022 due to a higher amount parked towards provisioning, even as the NPA levels declined.

The bank had posted a net profit of Rs 586 crore in the same quarter a year ago.

Total standalone income during the January-March quarter stood at Rs 21,095 crore, down from Rs 21,386 crore in the same period of 2021-21, PNB said in a regulatory filing.

For the full fiscal 2021-22, standalone net profit rose to Rs 3,456.96 crore against Rs 2,021.62 crore in FY21, the bank said.

The asset quality showed improvement, with the gross non-performing assets (GNPAs) falling to 11.78 per cent of the gross advances as of March 2022, from 14.12 per cent a year ago.

Net NPAs or bad loans too declined to 4.8 per cent from 5.73 per cent.

However, the lender kept a higher provision for bad loans and contingencies for Q4 FY22 at Rs 4,851.47 crore against Rs 3,540.32 crore earlier. PTI SUM SUM BAL BAL

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