PNB posts lower-than-expected Q1 loss at Rs 940 cr

Punjab National Bank (PNB) on Tuesday posted better-than-expected financial results for the quarter to June 2018. The scam-hit state-owned lender's June quarter net loss came in at Rs 940 crore. An ETNow analyst poll had predicted a net loss of Rs 2,400 crore. PNB has reported a net profit of Rs 343.40 crore in the same quarter last year.Net interest income stood at Rs 4,691.86 crore for the quarter under review as against Rs 3,855.13 crore last year. ETNow poll had predicted NII of Rs 3,564 core for the quarter gone by.During the said quarter, the bank has made a provision of Rs 320.83 crore in respect of 27 borrower accounts under the provisions of Insolvency and Bankruptcy Code (IBC) and RBI directions. The total provision made on these accounts is Rs 10,670.75 crore.Provisions and contingencies slipped 71.71 per cent on quarter-on-quarter basis to Rs 5,758.16 crore during the quarter under review. However, the figure jumped 121 per cent on YoY basis.There was improvement on the NPA front as percentage of gross non-performing assets stood at 18.26 per cent in the June quarter against 18.38 per cent in the March quarter.Shares of PNB were trading 1.77 per cent down at Rs 88.55 after the bank announced its financial results.

from The Economic Times https://ift.tt/2M8AZml