Punjab National Bank Ltd. announced its Q1FY14 result on 26th July 2013.
The Bank’s total income increased by 5.99% QoQ and 7.99% YoY to INR5249.56 crores, driven by 5.80% and 14.90% YoY growth in its Net Interest Income (NII) and Other Income respectively. Whereas, Profit After Tax (PAT) increased by 12.78% QoQ and 2.38% YoY to INR1275.32 crores. The Bank has decreased its provision by 27.83% QoQ to INR1066.48 crores which has pushed up its bottom line.
During the quarter, the Bank's loan book and total deposits expanded by 3.60% and 2.97% YoY to INR305065.56 and INR396828.11 crores respectively. On the asset quality front, the Bank’s asset quality is still the matter of concern. Net NPA and Gross NPA increased by 63 and 57bps QoQ and 130 and 150bps YoY to 2.98% and 4.84% respectively. Moreover, Net Interest Margin (NIM) marginally improved by 1bps QoQ while, decreased by 8bps YoY to 3.52%. The Bank’s Capital Adequacy Ratio (CAR) stood at 12.44% which is 3.44% higher than the regulator’s stipulated norm.
Q1’14 (INR Crores)
|
Consensus
|
Actual
|
Variance %
|
Total Income
|
4757.4
|
5249.56
|
10.35%
|
PAT
|
1203.7
|
1275.32
|
5.95%
|
DESCRIPTION
|
Q1'14
|
Q4'13
|
Q1'13
|
QoQ%
|
YoY%
|
Interest Earned
|
10404.54
|
10376.63
|
10553.96
|
0.27
|
-1.42
|
Interest Expended
|
6497.03
|
6600.13
|
6860.83
|
-1.56
|
-5.30
|
NII
|
3907.51
|
3776.50
|
3693.13
|
3.47
|
5.80
|
Other Income
|
1342.05
|
1176.21
|
1168.01
|
14.10
|
14.90
|
Total Income
|
5249.56
|
4952.71
|
4861.14
|
5.99
|
7.99
|
Operating Expenses
|
2275.76
|
2101.00
|
2020.25
|
8.32
|
12.65
|
Operating Profit before Prov.& Cont.
|
2973.80
|
2851.71
|
2840.89
|
4.28
|
4.68
|
Provisions and Contingencies
|
1066.48
|
1477.70
|
1032.49
|
-27.83
|
3.29
|
PBT
|
1907.32
|
1374.01
|
1808.40
|
38.81
|
5.47
|
Tax
|
632.00
|
243.21
|
562.73
|
159.86
|
12.31
|
Profit After Tax
|
1275.32
|
1130.80
|
1245.67
|
12.78
|
2.38
|
Adj Calculated EPS
|
36.08
|
32.91
|
36.73
|
9.63
|
-1.77
|
Advances
|
305065.56
|
308725.21
|
294467.89
|
-1.19
|
3.60
|
Deposits
|
396828.11
|
391560.06
|
385374.73
|
1.35
|
2.97
|
Q1'14
|
Q4'13
|
Q1'13
|
QoQ (bps)
|
YoY(bps)
| |
Capital Adequacy Ratio Basel II
|
12.44%
|
12.72%
|
12.57%
|
-28
|
-13
|
% of Net NPAs
|
2.98%
|
2.35%
|
1.68%
|
63
|
130
|
% of Gross NPAs
|
4.84%
|
4.27%
|
3.34%
|
57
|
150
|
NIM %
|
3.52%
|
3.51%
|
3.60%
|
1
|
-8
|
Provisions Coverage%
|
54.67%
|
58.83%
|
62.81%
|
-416
|
-814
|
C/D ratio
|
76.88%
|
78.84%
|
76.41%
|
-197
|
47
|
C/I Ratio
|
43.35%
|
42.42%
|
41.56%
|
93
|
179
|
OI/TI
|
56.65%
|
57.58%
|
58.44%
|
-93
|
-179
|
Regards,
Team Microsec Research
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