Punjab National Bank Reports Loss in Q4
Today, Punjab National Bank has reported that the bank is facing net loss of Rs 13,416.91 crore for the quarter ended March 31, 2018. This is because the provisions surged four times.
PNB also stated that last year during the same quarter they had a profit of Rs 261.90 crore. PNB made provisions and contingencies worth Rs 20,353.10 crore for the quarter ended March 31. This was against Rs 4,466.68 crore provisions it made in December quarter and Rs 57, 53.51 crore in the year-ago quarter.
It also informed that the gross non-performing assets as percentage of total advances spiked have raised a lot. When compared from the third quarter, it raised by 18.38 per cent in the fourth quarter.
A senior official stated that the liabilities of bank on account of LOUs/ FLCs that became due up to March 31, amounting to Rs 6,586.11 crore have been paid by the bank.