Punjab National Bank (PNB) today reported a loss of ₹4,750 crore for the March quarter, bettering its performance from a year ago when it reported a loss of 13,417 crore. Fall in provisions, indicating better recovery, ample provisions and improving assets helped narrow the loss.
PNB’s provisions declined to ₹7,611 crore in Jan-Mar, from ₹12,970 crore.
PNB’s gross non-performing assets (NPA) fell to 15.5% from 18.38% while net NPAs declined to 6.56% from 11.24%.
The lender’s net interest income grew 37.1% from a year ago to ₹4,200 crore in the March quarter. Net interest margin, a key measure of profitability, rose to 2.45% from 1.90% in the March quarter of 2018.
The bank had incurred a net loss during the financial year 2017-18, after it discovered over ₹14,000 crore fraud, involving jewelers Mehul Choksi and Nirav Modi at its Mumbai Brady road branch in January, last year. Thereafter, PNB posted losses in three consecutive quarters beginning January-March (2017-18).
It turned profitable only in during the previous quarter (October-December).
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