On Tuesday, the stock of PNB ( Punjab National Bank) has leapt upward 3 per cent following the bank released Q3 report. According to the released Q3 report, the bank has gained 7.12 per cent net profit amounting to INR 246.51 crore YOY. Whilst last year, the net profit of the bank was INR 230.11 crore in the same quarter.
At the moment, the banks scrip was around INR 75.10 with a spike 2.67 per cent whereas BSE Sensex was upward by 0.14 per cent, amounting for INR 36, 632.97. In last September, the bank has reported a loss of INR 4532.35 crore while Kotak Institutional Equities reported a net loss of INR 1,396.70 in the same quarter.
The provisions and contingencies of Kotak have decremented drastically from 38.35 per cent year-on-year basis and 71.78 per cent quarter-on-quarter basis to INR 2,753.84 crore. On the other hand, the operating profit of the bank has decreased from 26.97 per cent year-on-year basis to INR 3099.86 crore in quarter 3 FY19.