INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Punjab National Bank (PNB) is likely to report over 100 per cent year-on-year rise in profit on Tuesday due to recoveries from
NCLT.
Brokerage firm Prabhudas Lilladher projected a 162.10 per cent growth in bottom line at Rs 646.10 crore in Q3FY20
The public sector lender had reported a profit of Rs 246.50 crore in the same period last year.
An assessment by the brokerage house also
showed that net interest income (NII) and pre-provision operating profit (PoP) of the bank may grow 2.10 per cent and 14.10 per cent YoY,
should be slightly lower as last quarter impact was from daily tagging of NPAs and hence credit cost will come off and see improvement in
from the resolution of one of the largest NCLT accounts, Essar Steel, may boost the other income of many banks
The final amount to be released during Q3FY20, in which the biggest beneficiary among PSBs and private banks are SBI, Canara Bank, Punjab
National Bank, ICICI Bank, IDBI, Union Bank and Bank of India.
On the higher side, Antique Stock Broking sees 343 per cent rise in PNB
profit on a 5 per cent and 18 per cent growth in NII and PoP.
Edelweiss Securities also sees over 300 per cent rise in profit
The broking house said that the profitability will be supported by the resolution of Essar Steel, however, the impact will be negated by
Core profitability will continue to be on soft terrain.