PNB betters its net losses than last year
The Punjab National Bank (PNB) on Tuesday reported a loss of Rs 4,750 crore for the quarter that concluded on March 31. It was a better performance from last year’s Rs 13,417 crore. The fall indicates better recovery, ample provisions and improving assets than before.
PNB’s provisions declined to 7,611 crore in Jan-March against the expected of Rs 2753.8 crore in Q3FY18. Its gross non-performance assets (NPA) fell to 15.5 per cent from 18.38 per cent while net NPAs declined to 6.56 from 11.24 per cent.
The lenders net interest income grew from 37.1 percent from a year ago to Rs 14,000 crore fraud, involving jewellers Mehul Choksi and Nirav Modi at its Mumbai Brady road branch in January last year after which the PNB posted losses in three consecutive quarters starting January-March (2017-2018).
The domestic net interest margin as 2.45 per cent against 2.64 per cent QoQ, says a release. The company turned profitable during October-December.