PNB Stock Surges 5% on Q3 Profit Surge

New Delhi, Jan 31 (PTI) Shares of Punjab National Bank (PNB) on Friday rallied over 5 per cent after the firm posted a more than two-fold jump in net profit at Rs 4,508 crore in the December quarter.

The stock jumped 4.76 per cent to end at Rs 101.15 apiece on the BSE. Intra-day, it rose by 5.48 per cent to Rs 101.85.

On the NSE, it climbed 5.15 per cent to Rs 101.50 per share.

The bank had earned a net profit of Rs 2,223 crore in the same quarter a year ago.

Total income increased to Rs 34,752 crore from Rs 29,962 crore in the same period a year ago, PNB said in a regulatory filing.

Interest income also rose to Rs 31,340 crore from Rs 27,288 crore.

On the asset quality front, the bank's gross non-performing assets ratio moderated to 4.09 per cent from 6.24 per cent a year ago.

Similarly, net NPAs, or bad loans, came down to 0.41 per cent from 0.96 per cent at the end of the third quarter last fiscal.