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Punjab National Bank Q3 loss at 492 cr as NPA provisioning spikes
Punjab National Bank (PNB) on Tuesday reported a standalone net loss of Rs 492.28 crore for December quarter 2019-20 as provisioning for bad loans was raised substantially.
New Delhi: Punjab National Bank (PNB) on Tuesday reported a standalone net loss of Rs 492.28 crore for December quarter 2019-20 as provisioning for bad loans was raised substantially.
The state-owned lender had posted a net profit of Rs 246.51 crore for the same period a year ago. In September quarter 2019-20, the bank logged a profit of Rs 507.05 crore. Total income during the quarter under review was at Rs 15,967.49 crore as against Rs 14,854.24 crore in the year-ago same period, PNB said in a regulatory filing.
The bank hiked the provisioning for bad loans to Rs 4,445.36 crore for the quarter under review against Rs 2,565.77 crore parked aside for the year-ago period. On consolidated basis, the lender reported a net loss of Rs 501.93 crore for the quarter under review.
However, there was a net profit of Rs 249.75 crore in the same period of 2018-19, the bank said. Income was at Rs 16,211.24 crore, up from Rs 15,104.94 crore earlier. Provisioning for bad loans was up at Rs 4,471 crore for December quarter from Rs 2,636.09 crore in year-ago same period.
