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Punjab National Bank tanks 7% as bad loans jump in Q3

Feb 03, 2015    

Punjab National Bank, the fifth-biggest Indian lender by assets, reported a lower-than-expected quarterly profit as bad loans jumped, sending its shares down more than 7 percent.The lender, majority owned by the Indian government, said net profit rose 2.6 percent from a year earlier to Rs 775 crore ($125.4 million) for the third quarter ended December. Analysts on average had expected a net profit of Rs 983 crore.Net bad loans as a percentage of net advances rose to 3.82 percent, from 3.26 percent in the September quarter, and 2.80 percent in the year-ago quarter.Shares in Punjab National Bank...

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