Business

PNB posted its largest ever quarterly loss of Rs 13,416.91 crore in Q4

PNB had reported a staggering standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17. The total income for the fourth quarter also declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period.(Reuters/Picture for representation)

The scam-hit Punjab National Bank (PNB) on Tuesday posted its largest-ever quarterly loss of Rs 13,416.91 crore for the January-March period, mainly on account of high provisioning for bad loans.

The bank had reported a staggering standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17. The total income for the fourth quarter also declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period.

The bank has witnessed a deterioration in gross net non-performing assets (NPAs) or bad loans, which rose to 18.38% of gross advances at the end of March this year, as against 12.53% a year ago. Net NPAs also soared to 11.24% against 7.81% a year ago.

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