India Earnings Season: Is PNB a one quarter phenomenon? (PNB Q2 FY2012, H1 2012)

PSU Banks deal a blow 

PNB , Punjab National Bank followed with great results after IOB, UBI and others excl Canara reported

This is a photo showing the Bank of Baroda Bui...
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great sales upmoves yesterday limiting growth in NPAs at the gross and net level.

PNB reported a NII of almost $ 700 mln at INR 3454 crores or INR 34.54 bln to post a large operating profit of almost $ 500 mln and a net of $ 241 mln at INR 24.5 bln and INR 12.05 bln respectively. Though Net NPAs grew from 0.69% they were limited to a creditable 0.84% Though going by record these results may not be replicated in the coming quarters, the bank has again posted great half yearly numbers and profits

Systemisation of their Credit mechanisms has led to a larger NPL hit for all PSU Banks and the same is expected to ease off from this month as UBI even continues posting its profits ony from reduced NPL provisioning in the last two quarters

PNB and BOB are preferred PSU banks from an asset quality point of view

PNB has also posted a 30% + Net Sales(NII) in Q1. Interest Income topline is a 8% growth over Q1’s INR 83.5 bln at INR 89.5 bln, and net profit is 9% ahd of Q1 ‘s INR 11.05 bln

PNB’s total Advances add up to $50 bln just ahead of Pvt Sector leader ICICI Bank and Deposits (as of June 2011) were a large $65 bln or INR 3.24 Tln

Op Profit has been more or less static since the March 2011 announcements (Q3 2011, Q1 2012)

Other Results

India’s cement story seems to track to a full loss as ACC’s doubled profits of 1.86 bln were still a far cry from a successful year and Ambuja thus tracked down since morning. I could even think of some non Cement / Finl Services stocks to replace them in the indices..


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