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Punjab National Bank fiscal Q4 net loss narrows YOY as provisions drop

Punjab National Bank's net loss for the fiscal quarter ended March 31 narrowed to 47.50 billion Indian rupees from 134.17 billion rupees in the prior-year quarter, as provisions fell year over year. Per-share loss was 12.38 rupees, compared to 54.89 rupees.

The S&P Global Market Intelligence consensus normalized EPS estimate for the fourth quarter was 2.39 rupees. The GAAP EPS estimate was 1.30 rupees, with three analysts reporting.

The bank's provisions and contingencies fell to 100.71 billion rupees from 203.53 billion rupees. Of the total, the bank's provisions for nonperforming assets stood at 91.54 billion rupees, compared to 162.03 billion rupees in the prior-year quarter.

The bank reported interest earned of 128.36 billion rupees, compared to 113.85 billion rupees in the prior-year quarter. Income from investments stood at 35.43 billion rupees, compared to 34.70 billion rupees in the quarter ended March 31, 2018.

Total income for the quarter rose to 147.25 billion rupees from 129.46 billion rupees. The bank's operating expenses fell year over year to 32.29 billion rupees from 50.72 billion rupees.

For the year ended March 31, the bank's net loss narrowed to 95.70 billion rupees, or 20.79 rupees per share, from 121.13 billion rupees, or 54.63 rupees per share.

The S&P Global Market Intelligence consensus normalized loss per share estimate for the full year was 15.28 rupees, while the GAAP loss per share estimate was 16.26 rupees.

The bank's gross nonperforming assets ratio was 15.50% as of March 31, down from 16.33% as of Dec. 31, 2018, and from 18.38% as of March 31, 2018. Its net NPA ratio for the period was 6.56%, down from 8.22% in the prior quarter and from 11.24% in the prior-year period.

The bank's capital adequacy ratio under Basel III clocked in at 9.73% for the quarter, compared to 10.52% in the quarter ended Dec. 31, 2018, and 9.20% in the quarter ended March 31, 2018. Its common equity Tier 1 and additional Tier 1 ratio for the quarter came in at 6.21% and 1.29%, respectively, compared to 6.93% and 1.32%, respectively, in the prior quarter and 5.96% and 1.17%, respectively, in the prior-year period.

As of May 27, US$1 was equivalent to 69.50 Indian rupees.