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.

- Advertisement - - Article resumes -

“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.

Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.

Most read articles recently

Dear Gujarat Samachar editor, how do you live with yourself?

Gujarati daily's insensitive headline over Pulwama attack has got readers upset

Pakistan funded Islamic terrorist blows up 300 kgs of IED, actor brings ‘Hindu right wing’ argument to shield Pakistan

Jaaved Jaaferi refuses to hold Pakistan accountable for the attack, instead equates Hindus with Jaish Terrorists.

Delhi’s education minister deletes tweet after being educated about electricity supply to Pakistan by Adani

Sisodia, without apologising or issuing a clarification, chose to quietly delete the tweet after being called out

NDTV suspends Deputy News Editor for celebrating Pulwama terror attack, may take further action

NDTV Deputy News Editor Nidhi Sethi suspended by the channel for her Facebook comment celebrating the Pulwama attack
Congress mouthpiece National Herald whitewashes Pulwama terrorist Adil Ahmed Dar

More stories about terrorist and his family than martyrs – what does it tell about the media?

The English language Indian media has focused more on ‘human stories’ about the terrorist than about the Pulwama martyrs.

JNU ‘student’ who was accused of stealing funds in Kathua case found spreading rumours about Kashmiri girls trapped in Uttarakhand

CRPF also issued a notice that certain 'miscreants' on social media are spreading rumours and hate on social media

Pulwama attack: Foreseeing strong and fast reaction from India, Pakistan relocates its terrorists nearer to Pak army camps

As per the report, Pakistan has not even vacated the winter posts along the LoC which it usually does.

Pulwama attack: Justice doesn’t give a tiny rat’s furry posterior about the sensibility of elites who go where the money takes them

Pulwama attack victims' mortal remains weren't even cold yet. The candles lit by the nation has not even been blown out by a sorrowful sigh of the nation, that the vultures started circling the remains
Rahul Gandhi

BJP government got soldiers killed for electoral gains: Gujarat Congress leader’s controversial remark

Congress leaders and supporters have been trying to float the theory that the Pulwama attack was an inside job

Congress supporting abusive troll claims Pulwama was an inside job by India

Sanjukta Basu is a very vocal Modi-hater and a bigot masquerading as a liberal feminist.

Latest articles

Connect with us


Don't miss these