Business Today

PNB posts Rs 940 crore Q1 loss amid decline in NPAs

Fraud-hit Punjab National Bank (PNB) today reported a loss of Rs 940 crore for the June quarter of financial year 2018-19.

twitter-logo BusinessToday.In        Last Updated: August 8, 2018  | 10:00 IST
PNB posts Rs 940 crore Q1 loss

Scam-hit Punjab National Bank (PNB) today reported a loss of Rs 940 crore for the June quarter of financial year 2018-19. The public sector lender had posted a net profit of Rs 343.40 crore in the same quarter of last fiscal.

This is the second consecutive quarterly loss for the second biggest state-run lender. The scam-hit bank had recorded biggest ever quarterly loss of Rs 13,417 crore for the January-March period on the back of Nirav Modi-Mehul Choksi fraud.

Total income of the bank rose to Rs 15,072 crore from Rs 14,468.14 crore in the year-ago period.

PNB also reported a decline in its bad assets metrics, with gross non-performing assets (NPAs) at 18.26 per cent in the June quarter against 18.38 per cent in the March quarter.

Losses of public sector banks have touched a staggering Rs 87,370 crore during the financial year ended on March 31, 2018, with fraud-hit Punjab National Bank leading the pack as the biggest loss-maker. Of the 21 state-owned banks, only two banks - Indian Bank and Vijaya Bank - had posted profits during 2017-18.

With PTI inputs

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close