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Punjab National Bank Q4 FY22 Results

20 May 2022
3 minutes

Punjab National Bank posted its Q4 FY22 numbers on May 11, 2022. The bank reported a dip of 78.6% QoQ (Quarter on Quarter) in its consolidated Profit After Tax (PAT) which came in at Rs 245 crore for the quarter under review against Rs 1,150 crore in the previous quarter. On a YoY (Year on Year) basis, the PAT was down 55% to Rs 245 crore from Rs 546 crore in the year-ago period.

The bank earned interest of Rs 19,089 crore in Q4 FY22, which was down from Rs 19,579 crore in the previous quarter, and slightly up from Rs 19,065 crore in the year-ago period. The bank’s total income was hit largely due to a dip in the bank’s other income. Punjab National Bank’s operating profit is up 4.3% QoQ and 16.3% YoY to Rs 5,306 crore in the quarter under review from Rs 5,083 and Rs 4,561 in Q3 FY22 and Q4 FY21 respectively.

Punjab National Bank’s operating margin is up at 24.96% from 23.05% in the previous quarter and 20.99% in the year-ago period. The bank’s net profit margin however, is down to 0.96% from 5.12% in the previous quarter and 2.74% in the year-ago period.

The bank reported that it’s Gross NPA (Non-Performing Assets) was down to 11.78% in Q4 FY22 from 12.88% in the previous quarter and 14.12% in the corresponding quarter in the previous financial year. PNB’s Net NPA came in at 4.80 in the quarter under review from 4.90% in the previous quarter and 5.73% in the year-ago period.

The bank’s Board of Directors have recommended a dividend of Rs 0.64 per equity share of the face value of Rs 2 each. Punjab National Bank’s scrip closed in the red at Rs 33.10 per share after taking a dip of 0.60% at the end of the intraday trading session on May 11, 2022 ahead of the bank’s quarterly results.

Highlights

  • Operating profit is up 4.3% QoQ and 16.3% YoY to Rs 5,306 crore in the quarter under review
  • Operating margin up at 24.96% from 23.05% in the previous quarter and 20.99% in the year ago period
  • Gross NPA down to 11.78% in Q4 FY22 from 12.88% in the previous quarter and 14.12% in the corresponding quarter in the previous financial year
  • Net NPA down to 4.80 in the quarter under review from 4.90% in the previous quarter and 5.73% in the year ago period

Misses

  • PAT down 78.6% QoQ, 55% YoY to Rs 245 crore for the quarter under review
  • The interest bank earned was down 2.5% QoQ, flat on a YoY basis at Rs 19,089 crore
  • Net profit margin down to 0.96% from 5.12% in the previous quarter and 2.74% in the year ago period.
  • Return on Assets (ROA) down to 0.06% in Q4 FY22 from 0.34% in the previous quarter and 0.18% in the year ago period
  • Earnings Per Share (EPS) down to Rs 0.18 from Rs 1.02 in the previous quarter and Rs 0.56 in the year ago period

Segment-wise revenue

  • Treasury Operations: Revenue up nearly 2% YoY to Rs 6,770 crore from Rs 6,645 crore in the year ago period
  • Corporate/Wholesale Banking: Revenue down 17.4% YoY to Rs 5,854 crore from Rs 7,095 crore in the year ago period
  • Retail Banking: Revenue up 11.6% YoY to Rs 7,743 crore from Rs 6,933 crore in the year ago period
  • Other Banking Operations: Revenue up 2.3% YoY to Rs 983 crore from Rs 960 crore in the year ago period

Other things to know about Punjab National Bank

  • The bank’s P/E ratio is at 14.23 against the industry average of 16.81
  • PNB’s P/B ratio is at 0.39 against the industry average of 2.00

To read the RA disclaimer, please click here.
Research Analyst: Bavadharini KS

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