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PNB Reports Hefty Q4 Loss at Rs 13,417 Crore


Punjab National Bank (PNB) reported a net loss of Rs 13,420 crore for the quarter ended March 2018, affected by the Nirav Modi-Mehul Choksi fraud of Rs 13,000 crore.

In the year-ago period, PNB had reported a profit of Rs 262 crore.

PNB Reports Hefty Q4 Loss at Rs 13,417 Crore

According to its regulatory filing at the stock exchange, its provisions and contingencies surged by four times to Rs 20,353.20 crore for the fourth quarter (Q4) of the financial year 2017-18. Its provisions stood at Rs 4,466.68 crore in December 2017 and Rs 5,753.51 crore in March 2017 (YoY).

Its provision for bad loans was at Rs 16,200 crore for the January-March quarter.

The bank's gross NPAs (Non-Performing Assets) or gross bad loans as a percentage of total advances were up from 12.11 percent in December quarter to 18.38 percent. On a YoY (year-on-year) basis, it was at 12.53 percent. Net NPAs were at 11.24 percent.

PNB's share prices closed at Rs 83.85, falling by 6.10 percent (Rs 5.45) from previous day's close after its announced its Q4 results.

Liabilities from LOUs (Letters of Undertaking) /FLCs (Foreign Letter of Credit) amounting to Rs 6,586.11 crore as of March 31 have been paid off by PNB on the undertaking of concerned banks, it said.

The fraud involving its gems and jewellery account is still under investigation by various central agencies.

Read more about: pnb punjab national bank
Story first published: Tuesday, May 15, 2018, 16:46 [IST]
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