PUNJAB NATIONAL BANK
Q2 FY 2011 RESULTS
Among the PSBs, Punjab national Bank has been producing stellar quality results quarter after quarter for a long time now. The asset quality and business expansion of PNB is exceptionally good at this level of Business.
For current qtr, the results are as below:
Interest on Advances is Rs.5035 Cr – up by 7.25% from previous qtr and by a good 21.28% from corresponding qtr.
Income on Investments is Rs.1397 Cr – up by 9.43% from previous qtr and by 17.06% from corresponding qtr.
Total Income is Rs.7174 cr – up by 4.52% from previous qtr and by 18.07% from corresponding qtr.
Interest Expended is Rs.3479 cr – up by 3.13% from previous qtr and by 5.03% from corresponding qtr.
Operating Profit is Rs.2100 cr – up by 0.09% from previous qtr and by 30.74% from corresponding qtr.
Provisions is Rs.516 cr – down by 3.39% from previous qtr and up by 138.94% from corresponding qtr.
Net Profit is Rs.1075 cr – up by 0.59% from previous qtr and by 15.92% from corresponding qtr.
Basic EPS on a face value of Rs.10 is very high at Rs.34.08 c- compared to Rs.33.88 in previous qtr (+ 0.59%) and Rs.29.4 in corresponding qtr (+15.92%).
Capital Adequacy Ratio is less at 11.65 compared to 12.36 in previous qtr and 13.54 in corresponding qtr.
% of Gross/Net NPA is good at 0.69 – though more compared to previous qtr (0.66) – and 0.14 only in corresponding qtr.
Return on Assets is very good at 1.36 – though slightly less from previous qtr (1.38) and corresponding qtr (1.44).
The shares are quoting at Rs.1370. The annual EPS is likely to be around Rs.96 to Rs.100. Thus PE ratio is likely to be around 11.
It seems market must accord higher valuations to PSBs like PNB which are churning out consistently good performances. While Private sector banks are commanding a PE ratio of 22-35, there is no reason why PSBs in India, whose performance seems to be almost a GIVEN, should not be valued at PE ratios of 15 at the minimum.
Results in figures :
| P N B | 30-Sep-10 | 30-Jun-10 | DIF %1 | 30-Sep-09 | DIF %2 |
| Interest on Advances | 503520 | 469469 | 7.25 | 415182 | 21.28 |
| Income on Investments | 139718 | 127676 | 9.43 | 119355 | 17.06 |
| Income on Balances With RBI | 2045 | 1600 | 27.81 | 5014 | -59.21 |
| Others | 261 | 441 | -40.82 | 1172 | -77.73 |
| Interest Earned | 645544 | 599186 | 7.74 | 540723 | 19.39 |
| Other Income | 71825 | 87152 | -17.59 | 66863 | 7.42 |
| Total Income | 717369 | 686338 | 4.52 | 607586 | 18.07 |
| Interest Expended | 347874 | 337329 | 3.13 | 331229 | 5.03 |
| Employees Cost | 111309 | 99522 | 11.84 | 72760 | 52.98 |
| Other Operating Expenses | 48177 | 39670 | 21.44 | 42967 | 12.13 |
| Operating Expenses | 159486 | 139192 | 14.58 | 115727 | 37.81 |
| Operating Profit | 210009 | 209817 | 0.09 | 160630 | 30.74 |
| Provisions | 51603 | 53413 | -3.39 | 21597 | 138.94 |
| Profit before tax | 158406 | 156404 | 1.28 | 139033 | 13.93 |
| Tax Expense | 50952 | 49575 | 2.78 | 46337 | 9.96 |
| Net Profit | 107454 | 106829 | 0.59 | 92696 | 15.92 |
| Face Value (in Rs.) | 10 | 10 | 0 | 10 | 0 |
| Paid-up Equity | 31530 | 31530 | 0 | 31530 | 0 |
| Capital Adequacy Ratio | 11.65 | 12.36 | -5.74 | 13.54 | -13.96 |
| Basic EPS | 34.08 | 33.88 | 0.59 | 29.4 | 15.92 |
| Gross/Net NPA | 142550 | 128334 | 11.08 | 23266 | 512.7 |
| % of Gross/Net NPA | 0.69 | 0.66 | 4.55 | 0.14 | 392.86 |
| Return on Assets | 1.36 | 1.38 | -1.45 | 1.44 | -5.56 |
| Public holding (%) | 42.2 | 42.2 | 0 | 42.2 | 0 |
ANNOUNCEMENTS
TO THE EXCHANGE
28-10-2010 Punjab National Bank has informed the Exchange that the Bank has decided to introduce two new slabs of rate of interest for domestic term deposits i.e. 7.50% for 555 days and 7.60% for 1000 days. These rates would be effective for only two months i.e. from November 01, 2010 to December 31, 2010 unless revised. The peak rate will remain unchanged at 8.00%.
28-10-2010 Punjab National Bank has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Interest earned of Rs. 645543 lacs for the quarter ending on 30-SEP-2010 against Rs. 540723 lacs for the quarter ending on 30-SEP-2009. Interest expended of Rs. 347874 lacs for the quarter ending on 30-SEP-2010 against Rs. 331229 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 107454 lacs for the quarter ending on 30-SEP-2010 against Rs. 92696 lacs for the quarter ending on 30-SEP-2009. -
18-10-2010 Punjab National Bank has informed the Exchange that "Reserve Bank of India has issued Certificate of Registration No. N-13.01980 Dated 12.10.2010 in the name of India Factoring & Finance Solutions Pvt. Ltd (Joint Venture Company) permitting to commence & carry on the business of Non-Banking Financial Institution. The Joint Venture Company will provide factoring, forfaiting and trade finance solutions, primarily to SMEs & SSIs by offering a bouquet of different domestic factoring products. In the near future the Joint Venture Company also plans to offer International factoring products subject to all necessary regulatory approvals. The Company plans to open offices across India to service its clients by offering products and establishing procedures in line with the international best practices". -
30-09-2010 Punjab National Bank has informed the Exchange that the bank has decided to raise its Base Rate from 8.00% to 8.50% w.e.f. October 01, 2010 however, the BPLR will remain intact at 11.75%. The rates of interest on domestic term deposit have also been increased by 25 bps to 50 bps in selected buckets w.e.f. October 01, 2010. The maximum rates offered by the bank now is 8% for deposits of maturity between 8 to 10 years. -
02-09-2010 Punjab National Bank had informed the Exchange that the Bank is launching two special deposit schemes namely (i) PNB DUGNA and (ii) PNB LAKHPATI w.e.f. 01.09.2010 on special rates. The Bank had now informed the Exchange that "The said schemes are being launched on demand from our customers. To facilitate the same, the Bank has decided to extend 25 basis point increase in domestic term deposit rates for contractual maturity from 9 to 10 years, wherein the peak rate offered shall increase from 7.50% to 7.75%". -
30-08-2010 Punjab National Bank has informed the Exchange that "The Bank has realigned the rate of interest on Retail Term Deposits with an increase of 25 bps w.e.f. 01.09.2010 in selected maturities of 180 days to 270 days and one to less than two years. Further, the Bank is also launching two special deposit schemes namely (i) PNB DUGNA and (ii) PNB LAKHPATI w.e.f. 01.09.2010 on special rates".
31-07-2010 Punjab National Bank has informed the Exchange that the Bank has decided to revise its BPLR from 11.00% to 11.75% w.e.f. August 01, 2010. However, the Base Rate will remain intact at 8.00%. Further, the rate of interest on Term Deposits has also been increased by 25 bps to 75 bps in selected buckets, effective August 01, 2010. -
22-07-2010 Punjab National Bank has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 599186 lacs for the quarter ending on 30-JUN-2010 against Rs. 520742 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 337329 lacs for the quarter ending on 30-JUN-2010 against Rs. 334561 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 106829 lacs for the quarter ending on 30-JUN-2010 against Rs. 83205 lacs for the quarter ending on 30-JUN-2009. -
23-06-2010 Punjab National Bank has informed the Exchange that the Bank has signed a Memorandum of Agreement with Principal Financial Group of Mauritius and Vijaya Bank for restructuring of their existing joint ventures subject to statutory approvals as under : (1) Punjab National Bank and Vijaya Bank will continue to support Principal in the Asset Management Company for a period of three years; (2) Punjab National Bank and Vijaya Bank shall sell their 30% and 5% stake respectively in distribution JV Company to Principal; (3) Punjab National Bank will buy out Principal and Berger Paints stake of 26% and 25% in Insurance Broking Company; (4) Punjab National Bank will buy out Principal and UK Paints stake of 26% and 32% respectively in Principal PNB Life Insurance Company Ltd.
28-05-2010 Punjab National Bank has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 2198239 lacs for the year ending on 31-MAR-2010 against Rs. 1977765 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 1323001 lacs for the year ending on 31-MAR-2010 against Rs. 1257636 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 397257 lacs for the year ending on 31-MAR-2010 against Rs. 319703 lacs for the year ending on 31-MAR-2009. -
21-05-2010 Punjab National Bank has informed the Exchange that the Bank will be raising Upper Tier II Bonds as PNB Upper Tier II Bonds Issue Series XII through an issue size of Rs. 500 crore. The proposed date of opening and closing is May 24, 2010. -
06-05-2010 Punjab National Bank has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 2146691 lacs for the year ending on 31-MAR-2010 against Rs. 1932616 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 1294402 lacs for the year ending on 31-MAR-2010 against Rs. 1229530 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 390535 lacs for the year ending on 31-MAR-2010 against Rs. 309088 lacs for the year ending on 31-MAR-2009. -
06-05-2010 Punjab National Bank has informed the Exchange that the Board of Directors at its meeting held on May 06, 2010 has recommended Final Dividend of Rs. 12/- (Rupees twelve only) (i.e. 120%) per Equity Share of Rs. 10/- for the F.Y. 2009-10, subject to declaration in the ensuing Annual General Meeting.
* * * E N D * * *
No comments:
Post a Comment