PNB Faces Profit Plunge Amid Surging Tax Liabilities
Shares of Punjab National Bank dropped over 1% after reporting a 48% decline in standalone net profit for June, marred by increased tax expenses. While total income and operating profit saw an upswing, the profit slide highlights challenges amid heightened fiscal obligations.
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Punjab National Bank's stock took a hit on Wednesday, descending over 1% following a reported 48% decline in its standalone net profit for the June quarter. The dip in earnings was primarily attributed to soaring tax expenses.
On the Bombay Stock Exchange, PNB's shares closed at Rs 108.10, down by 1.10%, and witnessed a sharper fall to Rs 107.55 during intraday trading. The National Stock Exchange mirrored this trend with shares settling at Rs 108.11, marking a 1.07% drop.
Despite the profit decline, PNB's total income rose to Rs 37,232 crore, bolstered by higher interest income which reached Rs 31,964 crore. Operating profit improved to Rs 7,081 crore, yet the substantial tax outlay, spiking to Rs 5,083 crore, overshadowed these gains.
(With inputs from agencies.)
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