Economy

Punjab National Bank slips back into loss of ₹4,750 cr in Quarter 4  

PNB had ended a string of 3 straight quarterly losses caused by ₹14,000 cr fraud committed by accused diamantaires Nirav Modi and Mehul Choksi, with ₹247 cr net profit in the 3rd quarter of 2018-19

IANS Photo
IANS Photo 

State-run Punjab National Bank (PNB) on Tuesday posted a loss of ₹4,750 crore in the fourth quarter of the last fiscal ended March, against the net profit of ₹13,417 crore in the same period a year ago, the bank said.

PNB slipped back into losses during the quarter in consideration after coming back into the black in the previous quarter ending December.

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The bank had ended a string of three straight quarterly losses caused by the ₹14,000 crore fraud committed by accused diamantaires Nirav Modi and Mehul Choksi, with the ₹247 cr net profit in the third quarter of 2018-19.

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For the fourth quarter, PNB's provision coverage ratio, or PCR, for non-performing assets (NPAs or bad loans) also was up at ₹13,417 crore against ₹12,970 crore on this account for the same period a year ago.

The bank made a provision of ₹7,611 crore for the fourth quarter.

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PNB's gross recovery was over ₹20,000 crore. Its gross NPAs were at 15.5 per cent and net NPAs were at 6.56 per cent.

Net interest margin (NIM) was, however, up at 2.45 per cent year-on year (y-o-y).

NII, or net interest income, was up 15 per cent in 2018-19, over the previous year.

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