Biggest ever loss in PNB Q4 results!

Pnb loss 13 K

Pnb loss 13 K

Biggest ever loss in PNB Q4 results!

India’s second largest PSU bank PNB (Punjab National Bank) on Tuesday posted biggest ever quarterly loss by any bank in India, largely due to the crater caused by the Rs 13,000-crore fraud allegedly involving billionaire diamantaire Nirav Modi and his uncle Mehul Choksi.

In the January-March period of the financial year 2017-2018, PNB posted the biggest ever standalone net loss of Rs 13,416.91 crore as the country’s fourth-largest bank by asset size made a provisioning of Rs 20,353.1 crore. PNB reported a net profit of Rs 261.9 crore in the corresponding quarter of the previous fiscal year and posted a net profit of Rs 230.11 crore in the previous quarter of current fiscal. PNB’s Rs 13,416.91 crore net loss is the biggest ever quarterly loss in the history of India’s banking sector.

A steep rise was seen in the bad loans, as on 31 March 2018, the gross NPAs (non-performing assets) stood at 18.38% and the net NPAs were at 11.24% of gross and net advances. PNB’s gross NPAs at the end of the quarter were at Rs 86,620.05 crore, up by 56.44% as against Rs 55,370.45 as on 31 March 2017 and 50.59% higher than Rs 57,519.41 crore as on 31 December 2017. Surprisingly, in absolute terms, PNB’s gross NPAs are second-highest among all Indian banks. India’s largest bank by assets SBI reported gross NPAs at Rs 199,141.34 as on 31 December 2017.

for more news visit rupyaapaisa.com

Share

Leave a Reply

Your email address will not be published. Required fields are marked *