Tuesday, May 15, 2018

PNB posts biggest ever quarterly loss of ₹ 13,417 cr in Q4

This is mainly on account of high provisioning for bad loans

Scam-hit Punjab National Bank (PNB) on Tuesday posted largest ever quarterly loss of ₹ 13,416.91 crore for January-March period, mainly on account of high provisioning for bad loans.
The bank had reported a staggering standalone profit of ₹ 261.90 crore in the fourth quarter of 2016-17.
The total income for the fourth quarter also declined to ₹ 12,945.68 crore from ₹ 14,989.33 crore in the year-ago period.
The bank has witnessed deterioration in gross net performing assets (NPAs) or bad loans, which rose to 18.38 per cent of gross advances at the end of March this year, as against 12.53 per cent year ago.
Net NPAs were also soared to 11.24 per cent against 7.81 per cent a year ago.

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