PNB reports record Q4 net loss of Rs5,367 cr on higher provisioning
18 May 2016
Public sector lender Punjab National Bank (PNB) has reported a net loss of Rs5,367.14 crore for the fourth quarter ended 31 March on account of higher provisioning for bad loans.
This is the biggest-ever quarterly loss for any Indian bank.
PNB had posted a net profit of Rs306.56 crore in the corresponding period of the previous fiscal.
Total income of the bank during the quarter decreased 1.33 per cent to Rs13,276.19 crore from Rs13,455.65 crore a year ago.
Provisioning for NPAs grew almost three-fold to Rs10,485.23 crore in the fourth quarter compared with Rs3,834.19 crore in the similar quarter of the previous fiscal.
PNB's gross non-performing assets (NPAs) rose to 12.90 per of loans and advances at the end of March, from 6.55 per cent during a year ago. Net NPAs also doubled to 8.61 per cent as against 4.06 per cent.
For the full fiscal, the lender reported a net loss of Rs3,974.39 crore compared with a net profit of Rs3,061.58 crore in the previous fiscal.
Total income during the year rose to Rs54,301.37 crore from Rs52,206.09 crore in the previous fiscal.
PNB's shares were trading 0.34 per cent higher at Rs74.05 on the Bombay Stock Exchange (BSE).