Punjab National Bank reports Rs 940 crore loss in Q1https://indianexpress.com/article/business/companies/punjab-national-bank-june-quarter-results-loss-940-crore-5295682/

Punjab National Bank reports Rs 940 crore loss in Q1

Punjab National Bank reported a Rs 940 crore loss in the quarter ending June. The public sector bank had posted a net profit of Rs 343.40 crore in the same quarter a year before.

Punjab National Bank posts Rs 940 crore loss in Q1
This is the second consecutive quarter in which PNB is registering a loss, following the detection of the over Rs 11,000 crore scam. (Reuters/File Photo)

Punjab National Bank reported a Rs 940 crore loss in the quarter ending June. The public sector bank had posted a net profit of Rs 343.40 crore in the same quarter a year before. The total income of the bank increased to Rs 15,072 crore from Rs 14,468.14 crore in the year-ago period, reported news agency PTI. The bank’s non-performing assets (NPAs) rose to 18.26 per cent of gross advances as on June 30, 2018. PNB is the fourth-biggest bank in terms of assets.

This is the second consecutive quarter in which PNB is registering a loss, following the detection of the over Rs 13,000 crore fraud. In January, the company informed the Bombay Stock Exchange (BSE) that fraudulent Letters of Undertaking (LoUs) were issued to diamantaire Nirav Modi to raise buyers credit for three of his companies, Diamond R US, Solar Exports, and Stellar Diamonds, without “making entries in the bank system”

Also read | Inside the Punjab National Bank fraud: What an LoU is, how case may impact the bank