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PNB March quarter loss narrows to Rs 4,750 crore

NEW DELHI: State-owned Punjab National Bank (PNB) on Tuesday reported narrowing of its web loss by way of nearly 65 consistent with cent to Rs four,750 crore right through the ultimate quarter of fiscal ended March 2019, subsidized by way of decline in bad-loan provisioning and growth in asset high quality.

The scam-hit lender had posted a staggering lack of Rs 13,417 crore within the corresponding January-March duration of 2017-18, due to fraud dedicated by way of jeweller duo Mehul Choksi and Nirav Modi.

Bank's overall income right through March quarter of 2018-19 rose to Rs 14,725.13 crore from Rs 12,945.68 crore within the year-ago duration, it mentioned in a regulatory filing.

For the whole fiscal 2018-19, bank's consolidated web loss was once at Rs nine,570.11 crore, as towards a lack of Rs 12,113.36 crore right through 2017-18.

Income right through the fiscal rose to Rs 59,514.53 crore as towards Rs 57,608.19 crore in previous fiscal.

On assets front, PNB witnessed growth because the gross non-performing assets (NPAs) which have been introduced right down to 15.50 consistent with cent of gross advances at end of March 2019, as towards 18.38 consistent with cent at the end of March 2018.

Net NPAs or dangerous loans too came down to 6.56 consistent with cent as towards 11.24 consistent with cent year-ago.

In absolute-value, gross NPAs stood at Rs 78,472.70 crore at end of fiscal 2018-19, not up to Rs 86,620.05 crore reported in 2017-18. Net NPAs have been valued at Rs 30,037.66 crore as towards Rs 48,684.29 crore.

Improvement in asset high quality allowed the lender to park lesser amount in opposition to provisioning for dangerous loans right through March quarter of FY19, which stood at Rs nine,153.55 crore. While, within the year-ago duration, it stood at Rs 16,202.82 crore.

With admire to accounts covered below the provisions of Insolvency and Bankruptcy Code (IBC), the bank is keeping overall provision of Rs 11,940.15 crore as on March 31, 2019 (84.63 consistent with cent of overall remarkable) including further provision of Rs 433.93 crore in mentioned accounts made right through the 12 months ended March 31, 2019, it mentioned.

PNB additionally mentioned that it gained capital infusion of Rs 5,908 crore from the government right through March quarter of 2018-19 in lieu of over 80 crore fairness shares on a preferential foundation.

On divergence in asset classification and provisioning for NPAs, in compliance with RBI's chance review record for 2017-18, PNB has reported an opening of Rs 895.70 crore in admire of divergence in gross NPAs.

The divergence in web NPAs stood at (-) Rs 2,871.10 crore.

The provisioning coverage ratio as on March 31, 2019 works out to 74.50 consistent with cent, PNB mentioned.

Stock of the bank was once trading lower by way of 3.7 consistent with cent at Rs 86 on BSE.

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