PNB posts net loss of Rs 4750 cr in Q4 on higher provisioning for bad loans
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Delhi-based Punjab National Bank has posted a net loss of Rs 4750 crore in the fourth quarter of 2018-19 on account of higher provisioning for bad loans, as per the official results announced on Tuesday.
The net loss for PNB in the same period of last financial year stoof at Rs 13,417 crore which was mainly due to reporting of fraudulent loans worth over Rs 14,000 crore to group of companies belonging to Nirav Modi and Mehul Choksi.
This may come as a setback to the bank which had bounced back to black in the third quarter of 2018-19 - when it reported the first net profit of Rs 246 crore - after the Nirav Modi-Mehul Choksi fraud.
However, the bank's operating profit for Q4 stood at Rs 7,611 crore compared to an operational loss of Rs 447 crore in Q3 of 2018-19.
The bank's gross non-performing assets (NPA) declined to 15.50% by March 2019, compared to 18.38% by end of December 2018.
The bank's gross non-performing assets (NPA) declined to 15.50% by March 2019, compared to 18.38% by end of December 2018.
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