PNB Q3 loss at Rs 492 cr

Punjab National Bank (PNB) reported a standalone net loss of Rs 492.28 crore for December quarter 2019-20 as provisioning for bad loans was raised substantially.

The state-owned lender had posted a net profit of Rs 246.51 crore for the same period a year ago. In September quarter 2019-20, the bank logged a profit of Rs 507.05 crore.

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, PNB said in a regulatory filing. The bank hiked the provisioning for bad loans to Rs 4,445.36 crore for the quarter under review against 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 for the quarter under review.

However, there was a net profit of Rs 249.75 crore in the same period of 2018-19, the bank said.