PNB biggest ever quarterly loss of Rs 13,417 cr in Q4
Mumbai: The Nirav Modi scandal in the state-owned Punjab National Bank overwhelmed the huge losses. The bank reported a net loss of Rs 13,416.91 crore in the quarter ending March quarter of the 2017-18 financial year. The bank had a net profit of Rs 261.9 crore in Q4 of the previous year. PNB has reportedly caused losses in the quarter due to a huge scam worth Rs 13,000 crore made by diamond trader Nirav Modi and Mehul Chowki.
This is three times higher than the Rs 5,753.3 crore loss recorded by the PNB Scam in the quarter last year. PNB said in its regulatory filing that the allocation of dull deductions was almost three times higher. The allocation has gone up from Rs 3,908.3 crore to Rs 10,080.9 crore. As a result, total revenue of Rs 12,889 crore was reduced to Rs 11,555 crore.
As well as the share of NPAs in total liabilities. The NPAs, which are 12.5 percent by the end of March 2017, is up 18.38 percent by the end of March 2017 by the end of March 2017, by December-end 2017. Also, the NPA ratio was 7.55 percent in the previous quarter and 7.81 percent in the previous quarter, while the NPA ratio was up 11.24 percent.
Net Interest Income, Other Income …
The net interest income of the bank stood at Rs 3,683.5 crore in the corresponding quarter last year, down 16.8 percent to Rs 3,06335 crore. According to Reuters poll, net interest income grew by 7 percent to Rs 3,939.7 crore.