Punjab National Bank for the quarter ended September reported wider than expected net loss of Rs. 4,532 crore in comparison to profit of Rs. 560.58 in the year ago period.
The widened net loss is on account of higher provisioning by the state-run lender which run into heavy losses post Nirav Modi scam.
Net interest income at the bank is reported lower by 1% at Rs. 3,974.11 crore in comparison to Rs. Rs 4,015.18 crore (YoY).
Gross non-performing assets as a percentage of total advances stood at 17.6% in comparison to 18.26% (QoQ). While, net non-performing assets as a percentage of total advances remains at 8.90 % as against 10.58 % (QoQ).
Provisions for bad loans rose to Rs. 7733.27 crore vs Rs. 4,982 crore in the previous quarter.
After the results, the shares of Punjab National Bank surged in trade by as much as 2.2% to Rs. 75.60 per share.