Punjab National Bank’s net loss narrowed down to Rs 697.20 crore for the quarter ended March 31, compared with Rs 4,749.64 crore loss in the corresponding quarter last year.
Asset quality of the lender improved with the percentage of gross non-performing assets (NPA) at 14.21 per cent against 15.90 per cent YoY. The figure stood at 16.30 per cent in the preceding quarter ended December 31.
Percentage of net NPA also improved to 5.76 per cent from 6.56 per cent YoY.
PNB made provisions of Rs 4,901.31 crore for bad loans during the quarter under review, down 51.33 per cent from the year-ago period.
The lender is evaluating the uncertainty caused by Covid-19. “The major identified challenge for the bank would arise from eroding cash flows and extended working capital cycles. The bank is gearing itself on the fronts to meet these challenges. The management believes that no adjustments are required in the financial results as it does not significantly impact the current financial year,” PNB said in a regulatory filing on Friday.
The provision coverage ratio of the bank stood at 77.79 per cent as of March 31.
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