Public lender Punjab National Bank on Tuesday reported a surprise standalone loss of Rs 492.28 crore for the December quarter compared with a profit of Rs 246.51 crore in the same period last year.
Analysts were expecting a spike in the profit number on account of recovering from an NCLT account.
The PSU bank said provisions for the quarter jumped 73.25 per cent year-on-year to Rs 4,445.36 crore from Rs 2,565.77 crore.
Gross non-performing assets (GNPAs) eased to 16.3 per cent in December quarter from 16.33 per cent in the year-ago quarter, and 16.76 per cent in September quarter.
During the quarter, the bank availed dispensation for deferment of provision in respect of frauds amounting to Rs 238.84 crore.
Accordingly, an amount of Rs 59.71 crore has been charged to profit and loss account during the quarter and the rest Rs 179.13 crore has been deferred to subsequent quarters.
Further out of unamortised amount of Rs 2,284.32 crore up to quarter ended September 30, an amount of Rs 887.57 crore has been charged to P&L account during the quarter and remaining amount of Rs 1,396.75 crore has been carried forward to subsequent quarters. Total amount of remaining provision to be carried over to the subsequent quarters is Rs 1,575.88 crore,” the bank said.
Interest earned during the quarter rose 4.04 per cent to Rs 13,562.69 crore from Rs 13,035.08 crore last year.
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