Scam dims PNB numbers
Punjab National Bank on Friday reported a third straight quarterly loss of Rs 4,532.35 crore for the three months ended September 2018 as it continues to reel under the huge provisions set aside for Nirav Modi’s pool of bad loans.
The state-owned bank had posted a net profit of Rs 561 crore in the July-September quarter of 2017-18.
The scrip tanked 7 per cent to close at Rs 69.05 on the BSE.
PNB’s total income during the September quarter of 2018-19 declined to Rs 14,035.88 crore against Rs 14,205.31 crore in the year-ago period, the Delhi-based bank said.
The bank’s gross non-performing assets as a proportion of gross advances rose sharply to 17.16 per cent (Rs 81,250.83 crore) at the end of September 2018 from 13.31 per cent (Rs 57,630.11 crore) a year ago.
The bank said that it had made additional provisions of Rs 3,295 crore against the Nirav Modi fraud during the September ended quarter. It had earlier provided Rs 9,042 crore against the total fraud amount of Rs 14,357 crore.