PNB slips while Bank of Baroda jumps as lenders report fourth-quarter updates
Punjab National Bank's total advances in the fourth quarter were up by 11.5 per cent to Rs 9.86 lakh crore Year-on-Year (YoY). Its total deposits of the bank grew by seven per cent in the fourth quarter to Rs 13.70 lakh crore. After the results, Morgan Stanley maintained an 'underweight' rating for PNB with a target price of Rs 70. On the other hand, Bank of Baroda's domestic deposits increased by 7.75 per cent to Rs 11.28 lakh crore in the fourth quarter this fiscal from Rs 10.47 lakh crore in the same quarter last year.
)
Punjab National Bank slid while Bank of Baroda jumped on BSE on Monday (April 8, 2024) after both lenders announced their fourth-quarter updates last week.
Punjab National Bank share price
PNB slid by 2.93 per cent to the day's low of Rs 132.50 on Monday having closed at Rs 136.50 in the previous session.
The stock was trading lower by 2.20 per cent, or Rs 3.00, at Rs 133.50 at 9:41 am on Monday.
Punjab Naional Bank Q4 results
The lender's total advances in the fourth quarter were up by 11.5 per cent to Rs 9.86 lakh crore Year-on-Year (YoY).
Total deposits of the bank grew by seven per cent in the fourth quarter to Rs 13.70 lakh crore.
CASA deposits also saw a jump of 2.6 per cent to Rs 5.51 lakh crore YoY.
The bank's total business grew by 8.8 per cent to Rs 23.56 lakh crore YoY.
Morgan Stanley rating
After PNB's Q4 update was announced, Morgan Stanley maintained an 'underweight' rating with a target price of Rs 70.
Bank of Baroda share price
Bank of Baroda jumped by 1.43 per cent to the day's high of Rs 272.55 on Monday after closing at Rs 268.70 in the previous.
The stock that opened at Rs 271.15 was trading up by 0.82 per cent, or Rs 2.20, at Rs 270.90
Bank of Baroda Q4 results
The lender's domestic deposits increased by 7.75 per cent to Rs 11.28 lakh crore in the fourth quarter this fiscal from Rs 10.47 lakh crore in the same quarter last year.
Domestic advances rose by 12.80 per cent to Rs 8.97 lakh crore from Rs 7.96 lakh crore Year-on-Year (YoY).
Domestic retail advances soared by 20.64 per cent to Rs 2.15 lakh crore from Rs 1.78 lakh crore YoY.
The bank's global advances were higher by 12.41% to Rs 10.89 lakh crore on an yearly basis.
Its global deposits grow by 10.24 per cent to Rs 13.26 lakh crore YoY.
Bank of Baroda's global business grew by 11.20 per cent to Rs 24.16 lakh crore (YoY).
Morgan Stanley on Bank of Baroda
The brokerage has maintained an 'equalweight' on the company with a target of Rs 265 after the Q4 update.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
10:25 AM IST
India likely to attract $20-25 billion FPI inflows in FY25, recent outflow temporary: Bank of Baroda
NBCC arm gets Rs 65 crore work order in Bengaluru from Bank of Baroda
SBI 5-year FD vs Bank of Baroda 5-year FD: What will senior and general citizens get on Rs 8 lakh investment in each FD
Bank of Baroda Q2 FY25 Results Preview: PSU lender likely to register 3% rise in profit; interest income may expand 9%
Bank of Baroda to sell Oman operation to Bank Dhofar