PNB posts Rs 4,532 cr net loss in September quarter as provision for bad loans triple to Rs 7,733 cr

Its total income during the September quarter of 2018-19 declined to Rs 14,035.88 crore as against Rs 14,205.31 crore in the year-ago period, PNB said in a BSE filing.

Press Trust of India November 02, 2018 13:37:00 IST
PNB posts Rs 4,532 cr net loss in September quarter as provision for bad loans triple to Rs 7,733 cr

New Delhi: Fraud-hit Punjab National Bank on Friday posted a staggering loss of Rs 4,532.35 crore for the second quarter ended 30 September, 2018 on rising bad loans.

PNB posts Rs 4532 cr net loss in September quarter as provision for bad loans triple to Rs 7733 cr

PNB. Representational image. Reuters.

The state-owned bank had a net profit of Rs 561 crore in the July-September quarter of last fiscal 2017-18.

Its total income during the September quarter of 2018-19 declined to Rs 14,035.88 crore as against Rs 14,205.31 crore in the year-ago period, PNB said in a BSE filing.

The bank's gross non-performing assets (NPAs) as a proportion of gross advances rose sharply to 17.16 percent (Rs 81,250.83 crore) at the end of September, from 13.31 percent (Rs 57,630.11 crore) a year ago.

As a result, provision for bad loans nearly tripled to Rs 7,733.27 crore in the September quarter as against Rs 2,693.78 crore in the same quarter of the previous fiscal.

Shares of PNB were trading 1.01 percent lower at Rs 73.50 apiece on BSE.

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