PNB reports Rs 492 crore loss for Q3 on higher provisioning for NPAs
NEW DELHI: Punjab National Bank (PNB) on Tuesday reported a standalone net loss of Rs 492.28 crore for December quarter 2019-20 due to substantial increase in bad loan provisioning.
The bank had posted a net profit of Rs 246.51 crore for the same period a year ago. In the previous September quarter, the bank had 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 made a provisioning of Rs 4,445.36 crore for bad loans during the quarter under review. This was up from Rs 2,565.77 crore parked aside for the year-ago period. On a consolidated basis, the lender reported a net loss of Rs 501.93 crore during the quarter under review.
There was a net profit of Rs 249.75 crore in the same period a year ago, the bank said. Income was at Rs 16,211.24 crore, up from Rs 15,104.94 crore earlier. Gross non-performing assets (NPAs) of the bank stood at 16.30 per cent of gross advances as at December-end 2019, down from 16.33 per cent by the year-ago same period.
Net NPAs or bad loans were at 7.18 per cent, down from 8.22 per cent by December 2018. PNB stock was trading at Rs 58.70 on the BSE, up 2.35 per cent.