Punjab National Bank posts biggest ever quarterly loss of Rs 13,417 cr

PTI

Business, Economy

The bank had reported a staggering standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17.

Scam hit Punjab National Bank (PNB) on Tuesday posted largest ever quarterly loss of Rs 13,416.91 crore.

New Delhi: Scam hit Punjab National Bank (PNB) on Tuesday posted largest ever quarterly loss of Rs 13,416.91 crore for January-March period, mainly on account of high provisioning for bad loans.

The bank had reported a staggering standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17. The total income for the fourth quarter also declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period.

The bank has witnessed deterioration in gross net performing assets (NPAs) or bad loans, which rose to 18.38 per cent of gross advances at the end of March this year, as against 12.53 per cent year ago. Net NPAs were also soared to 11.24 per cent against 7.81 per cent a year ago.

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