PNB reports $802 million Q4 loss as bad loans surge

Provisions, including for loan losses, nearly tripled from a year earlier to 104.85 billion rupees in the March quarter, the New Delhi-based lender said in a regulatory filing.

By: Reuters | Mumbai | Published: May 18, 2016 4:46:30 pm
PNB, Punjab National Bank, Bank losses, Market, financial news, India finance, Market news, sensex, sensex today, nifty, nse, bse, bse india, markets today, todays markets, india markets, asian markets, business news, india sensex, sensex fall, sensex rise, market news Gross bad loans as a percentage of total loans rose to 12.9 percent in March from 8.47 percent in December, and 6.55 percent a year earlier. (Source: Reuters)

India’s Punjab National Bank reported a fourth-quarter net loss of 53.67 billion rupees ($802 million) as the nation’s fourth-biggest state-run lender by assets set aside more funds to cover a jump in bad loans.

Provisions, including for loan losses, nearly tripled from a year earlier to 104.85 billion rupees in the March quarter, the New Delhi-based lender said in a regulatory filing.

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Gross bad loans as a percentage of total loans rose to 12.9 percent in March from 8.47 percent in December, and 6.55 percent a year earlier.

Indian banks have seen a surge in bad loans after a clean up ordered by their regulator, the Reserve Bank of India. The central bank wanted banks to classify some troubled accounts as non-performing and make adequate provisions for those over the December and March quarters. ($1 = 66.9600 Indian rupees)

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