The woes of Punjab National Bank are not over. The scam-hit bank reported a loss of Rs 4,532 crore in the quarter ended September due to substantial increase in provisions for bad debts, as against a loss of Rs 940 crore in the previous quarter and a profit of Rs 560 crore in the year-ago period.
The loss surpassed analyst estimates. A Bloomberg estimate of 13 brokers had estimated that the bank would report a net loss of Rs 1,349.2 crore.
The bank reported a sharp increase in provisioning. Total provisioning sharply increased to Rs 9,757 crore from Rs 2,440 crore in the corresponding year-ago period and Rs 5,758 crore in the immediate preceding quarter.
Of this, provisioning for non-performing assets rose to Rs 7,733 crore, from Rs 2,964 crore in the year-ago period and Rs 4,982 crore in the previous quarter.
The bank’s gross NPAs came in at 17.16% as of end September, as against 13.31% in the year-ago period. However, when compared to 18.26% in the previous quarter, gross NPAs have improved.
Net NPAs were at 8.9% as against 8.44% in the year-ago period. In the previous quarter, net NPAs were at 10.58%.
.jpeg)
No comments:
Post a Comment