PNB's standalone loss of Rs 492 crore in previous quarter

PNB's standalone loss of Rs 492 crore in previous quarter

New Delhi: Punjab National Bank (PNB) said on Tuesday that it incurred a standalone loss of Rs 492.28 crore in the December 2019 quarter. The loss was due to increased provisioning for bad loans to the bank. The bank had a net profit of Rs 246.51 crore in the year-ago quarter. The bank had a net profit of Rs 507.05 crore in the second quarter (July-September) of the current financial year.

Bank's total income increased to Rs 15,967.49 crore

In the information given to the stock markets, the bank said that its total income in the third quarter of the current financial year increased to Rs 15,967.49 crore. The bank had a total revenue of Rs 14,854.24 crore in the year-ago quarter.

Provisioning for bad loans increased by 73.26 percent

The bank's provisioning for bad loans increased by 73.26 per cent in the third quarter. In the quarter under review, the bank provided Rs 4,445.36 crore for bad loans. The bank had provisioned Rs 2,565.77 crore in the year-ago quarter. The gross NPA of the bank declined to 16.30 per cent from 16.33 per cent of total debt in the December quarter. Net NPAs fell from 8.22 per cent to 7.18 per cent during this period.

Consolidated loss of Rs 501.93 crore

The bank incurred a consolidated loss of Rs 501.93 crore for the October-December quarter. The bank had a consolidated net profit of Rs 249.75 crore in the year-ago quarter. During this period, consolidated total income increased from Rs 15,104.94 crore to Rs 16,211.24 crore.