Dear Sir/Madam,
Punjab National Bank Ltd has announced its Q3FY13 result on 31st January 2013.
The bank’s total income increased by 3.27% QoQ and 4.75% YoY to INR4703.83 crores. Whereas, Profit After Tax (PAT) increased by 22.53% QoQ and 13.53% YoY to INR1305.62 crores. During the quarter, bank has decreased its Provision by 25.35% QoQ and 15.27% YoY to INR801.59 crores which has boosted its bottom line.
Bank's loans book and total deposits expanded by 13.22% and 8.21% YoY to INR297313 and INR385785.09 crores respectively. On the asset quality front, the bank’s has improved its asset quality. GNPA and NNPA decreased by 5bps and 13bps QoQ to 4.61% and 2.56% respectively. On the margin front, Net Interest Margin (NIM) declined by 3bps QoQ and 38bps YoY to 3.47%, however bank has maintained its NIM guidance of 3.5% For FY13. Capital Adequacy Ratio (CAR) improved by 18bps YoY to 11.66%, which is almost 2.66% higher than the regulator’s stipulated norm. Moreover, Provision Coverage Ratio (PCR) of the bank is still not in satisfactory level.
Q3’13 (INR Crores)
|
Consensus
|
Actual
|
Variance %
|
Total Income
|
4501.1
|
4703.83
|
4.50%
|
PAT
|
1152.8
|
1305.62
|
13.26%
|
DESCRIPTION
|
Q3'13
|
Q2'13
|
Q3'12
|
QoQ%
|
YoY%
|
Interest Earned
|
10548.45
|
10421.11
|
9481.03
|
1.22
|
11.26
|
Interest Expended
|
6815.12
|
6771.74
|
5944.39
|
0.64
|
14.65
|
NII
|
3733.33
|
3649.37
|
3536.64
|
2.30
|
5.56
|
Other Income
|
970.50
|
905.38
|
954.09
|
7.19
|
1.72
|
Total Income
|
4703.83
|
4554.75
|
4490.73
|
3.27
|
4.75
|
Operating Expenses
|
2021.92
|
2021.89
|
1814.30
|
0.00
|
11.44
|
Operating Profit before Prov.& Cont.
|
2681.91
|
2532.86
|
2676.43
|
5.88
|
0.20
|
Provisions and Contingencies
|
801.59
|
1073.83
|
946.10
|
-25.35
|
-15.27
|
PBT
|
1880.32
|
1459.03
|
1730.33
|
28.87
|
8.67
|
Tax
|
574.70
|
393.45
|
580.29
|
46.07
|
-0.96
|
Profit After Tax
|
1305.62
|
1065.58
|
1150.04
|
22.53
|
13.53
|
Adj Calculated EPS
|
38.49
|
31.42
|
33.91
|
22.50
|
13.51
|
Advances
|
297313.00
|
294746.52
|
262605.18
|
0.87
|
13.22
|
Deposits
|
385785.09
|
400747.49
|
356516.68
|
-3.73
|
8.21
|
Q3'13
|
Q2'13
|
Q3'12
|
QoQ (bps)
|
YoY(bps)
| |
Capital Adequacy Ratio Basel II
|
11.66%
|
11.73%
|
11.48%
|
-7
|
18
|
% of Net NPAs
|
2.56%
|
2.69%
|
1.11%
|
-13
|
145
|
% of Gross NPAs
|
4.61%
|
4.66%
|
2.42%
|
-5
|
219
|
NIM %
|
3.47%
|
3.50%
|
3.85%
|
-3
|
-38
|
Provisions Coverage%
|
55.97%
|
54.31%
|
70.01%
|
166
|
-1404
|
C/D ratio
|
77.07%
|
73.55%
|
73.66%
|
352
|
341
|
C/I Ratio
|
42.98%
|
44.39%
|
40.40%
|
-141
|
258
|
OI/TI
|
57.02%
|
55.61%
|
59.60%
|
141
|
-258
|
Regards,
Team Microsec Research
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