The bank’s total income during the July-September quarter declined to Rs 14,035.88 crore as against Rs 14,205.31 crore in the same quarter last year, a BSE filing showed
Mumbai: Punjab National Bank Friday posted a staggering loss of Rs 4,532.35 crore for the second quarter ended September 30, 2018 on rising bad loans.
The state-owned bank had a net profit of Rs 561 crore in the July-September quarter of last fiscal 2016-17. 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% (Rs 81,250.83 crore) at the end of September, from 13.31% (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 per cent lower at Rs 73.50 apiece on BSE.
During the quarter, the bank has made provision of Rs 519.18 crore in respect of 24 National Company Law Tribunal (NCLT) accounts under the provisions of Insolvency and Bankruptcy code (IBC). The total provision made in these accounts is Rs 10,736.14 crore. The remaining provision for fraud to be made in next quarter.
Shares of PNB were trading 1.01 per cent lower at Rs 73.50 apiece on BSE.
(With inputs from PTI)
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