New Delhi: A standalone net loss of Rs 492.28 crore was reported by Punjab National Bank (PNB) on Tuesday for December quarter 2019-20, owing to a substantial increase in bad loan provisioning. For the same period, the bank had posted a net profit of Rs 246.51 crore a year ago. Also Read - PNB Scam Case: UK Court Extends Remand of Nirav Modi, Asks Him to Appear on January 30
For the previous September quarter, the bank had a profit of Rs 507.05 crore. Also Read - Mumbai: Special Court Files Supplementary Chargesheet in PNB Scam Case; CBI Accuses Nirav Modi of Criminal Intimidation
The bank in its regulatory filing said that “Total income during the quarter under review was at Rs 15,967.49 crore as against Rs 14,854.24 crore in the year-ago same period.” Also Read - PNB Scam: Nirav Modi Declared Fugitive Economic Offender by Special Court in Mumbai
During the quarter under review, the bank had made a provisioning of Rs 4,445.36 crore for bad loans. This was up from Rs 2,565.77 crore parked aside for the year-ago period.
On consolidated basis, the lender reported a net loss of Rs 501.93 crore during the quarter under review.
There was a net profit of Rs 249.75 crore in the same period a year ago, the bank said.
Income was at Rs 16,211.24 crore, up from Rs 15,104.94 crore earlier.
Gross non-performing assets (NPAs) of the bank stood at 16.30 per cent of gross advances as at December-end 2019, down from 16.33 per cent by the year-ago same period.
Net NPAs or bad loans were at 7.18 per cent, down from 8.22 per cent by December 2018.
PNB stock was trading at Rs 58.70 on the BSE, up 2.35 per cent.
(With PTI inputs)