New Delhi, May 28 (UNI) Public Sector lender Punjab National Bank reported a net loss of Rs 4,750 crore for the quarter 4 in Financial Year 2018-19 due to high provisioning, the bank announced on Tuesday.
The bank had posted the net loss of Rs 13,417 crore in the same quarter of 2017-18 following the Nirav Modi scam.
The lender’s put its net loss at Rs 9,975 crore for the financial year 2018-19 against Rs 12,283 crore in the corresponding period last year.
“This year, our operating profit has gone up by more than 26 per cent and everything was okay. But still we have reported a loss in this quarter because we have shown 50 per cent provisions last year and 50 per cent provisions this year,” Chairman Sunil Mehta told reporters after releasing its quarterly and financial results here.
The bank’s provisions declined to Rs 7,611 crore in the fourth quarter against Rs 12,970 crore in the same period last year.
According to the results, its net non-performing assets (NPAs) also lowered by 6.56 per cent at Rs 30,038 crore in this fiscal 2018-19 against Rs 48,684 crore in 2017-18. Its gross NPAs also reduced by 15.50 per cent and stood at Rs 78,473 crore in FY19 against Rs 86,620 crore in FY 18.
The PNB's net interest income grew by 37.1 per cent at Rs 4,200 crore in the fourth quarter and at 15 per cent at Rs 17,156 crore in FY19.
The bank had incurred a huge loss in 2017-18, after the Rs 14,000 crore Nirav Modi scam in January, last year. Thereafter, PNB posted losses in three consecutive quarters beginning January-March (2017-18).
Shares of PNB closed 3.53 per cent lower at Rs 86.10 on the National Stock Exchange.