Sunday, May 9, 2021
Home Economy and Finance Punjab National Bank recovers Rs 16,000 crores from bad loans, Q3 reports profit of...

Punjab National Bank recovers Rs 16,000 crores from bad loans, Q3 reports profit of ₹246.51 crore

According to the reports, Punjab National Bank, the second largest government-owned lender has reported a surprise profit in the October-December quarter, aided by lower provisioning for bad loans.

Punjab National Bank (PNB) has posted 7.12 per cent increase in net profit at Rs 246.51 crore for its third quarter ended December 31, 2018, and has brought down its Gross NPA from 18.32% to 16.33% indicating a sharp drop in provisions for bad loans. This despite the 100% provision made for the Rs 13,000 crore scam in which Nirav Modi is the prime accused.

According to the reports, Punjab National Bank, the second largest government-owned lender has reported a surprise profit in the October-December quarter, aided by lower provisioning for bad loans. PNB recovered about Rs 16,000 crore in the quarter helping the bank improve its balance sheet.

The provisions decreased 67 per cent from Rs 7,733.27 crore in the previous quarter to Rs 2,565.77 crore in the current quarter. During the quarter, the percentage of net non-performing assets declined to 8.22 per cent from 8.90 per cent in the September quarter.

“We are back in (the) black, after 100 per cent provisions for all our commitments,” PNB chief executive Sunil Mehta said in an earnings briefing. “We have honoured all our commitments. Our bank, as on date, has provided all for that incident (Nirav Modi fraud). We suffered because of the one-off incident which has now been absorbed by the bank,” Mehta said.

The total provisions excluding for income tax, made during the third quarter of the current financial year were ₹2,753.84 crore as against ₹4,466.68 crore in the year-ago period.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Hemkunt Foundation, Rana Ayyub and Jignesh Mevani: How Covid-19 fundraisers could possibly be violating FCRA laws

A deep dive into fundraisers for Covid relief with questionable management which may be violating FCRA laws.

Chinese state media Editor accuses Subramanian Swamy of being ‘ungrateful’ over ‘war on COVID’, it doesn’t go down well for him

Chinese state media Global Times Editor Hu Xijin on Sunday accused BJP leader Subramanian Swamy of being 'ungrateful' after he tweeted that India is...

Patanjali was the first Indian company to publish a research paper on the new Covid-19 drug approved by DCGI: Read details

Patanjali had published a research paper on use of the drug 2-deoxy-D-glucose for Covid-19 treatment in March 2020

West Bengal: BJP leader Swapan Dasgupta files a complaint with the police on targeted persecution of its party workers

Dasgupta in his complaint to the police mentioned on record the names of all 260 victims, some of whom have been unable to return home after the TMC goons unleashed violence post their victory in the state.

Netizens call out actor Sonu Sood’s claims of arranging for plasma, bed for COVID patients

After multiple media reports and social media posts on how Sonu Sood was helping out migrants go back home last year amid the nationwide lockdown, Sood had written an autobiography, 'I am no no messiah'.

Here is how The Lancet used dubious sources to blame Modi Govt for the Covid crisis

Following the abrogation of Article 370, The Lancet had issued a strong condemnation of the Indian Government.

Recently Popular

Meet AAP’s ‘Delhi ke Nirmata’: Who is Navneet Kalra, the businessman on the run after oxygen hoarding scandal was busted

Oxygen Concentrators have been found at Khan Chacha, Nege & Ju bar and Town Hall restaurants in Delhi, all owned by Navneet Kalra

Arvind Kejriwal govt expels 7 journalists from Whatsapp group after report critical of govt handling of oxygen crisis, senior journalists keep mum

The Arvind Kejriwal government has been the darling of the media for a long time but it seems to want absolute devotion

Comedian Sanket Bhosale who had featured in ad mocking Rahul Gandhi booked for violating Covid-19 norms in Punjab

A week after the vandalism by the Congress workers in Mumbai, the Congress-led Punjab government has now booked comedian Sanket Bhosale, the actor featured in the advertisement, on the pretext of violating Covid-19 regulations during his wedding.

‘Dominance of one religious group cannot prevent religious celebrations of other’, says Madras HC after local Muslims object to Hindu procession

The Madras High court concluded that similar acts of 'resistance' by other religious groups would result in loss of lives, destruction of properties, riots, religious fights and chaos.

Chinese research paper, published 6 years ago by Chinese military backed authors, discussed weaponising Coronavirus: Reports

A 2015 research paper by Chinese scientists reveals nefarious plans to weaponise the SARS Coronavirus against the world.

Call girl from Thailand passes away in Lucknow due to Covid-19, had come to India recently with help from agent Salman

A call girl from Thailand has passed away in Lucknow, Uttar Pradesh at the Lohia Hospital due to Covid-19.
- Advertisement -

 

Connect with us

254,885FansLike
540,465FollowersFollow
24,300SubscribersSubscribe