PNB posts massive Q4 net loss of Rs.5,367 crore

Public sector lender Punjab National Bank (PNB) on Wednesday posted a massive net loss of Rs.5,367.140 crore for the fourth quarter ended March 2016 caused by bad loans, as compared to net profit of Rs.306.56 crore in the corresponding period of last fiscal.

"The bank has posted a net loss of Rs.5,367.14 crore for the quarter ended March 31, 2016 as compared to net profit of Rs.306.56 crore for the quarter ended March 31, 2015," PNB said in a stock exchange filing.

The total Income of PNB has decreased to Rs.13,276.19 crore for the quarter ended March 31, 2016 from Rs.13,455.65 crore in the quarter ended March 31, 2015, it said.

For the entire fiscal 2015-16, the bank has posted a net loss of Rs.3,974.39 crore for the year ended March 31, 2016 as compared to net profit of Rs.3,061.58 crore for the year ended March 31, 2015, PNB said.

Total income for 2015-16 has increased to Rs.54,301.37 crore from Rs.52,206.09 crore for the year ended March 31, 2015.

PNB posted a consolidated net loss of Rs.3,689.77 crore for the year ended March 31, 2016 as compared to net profit of Rs.3,399.60 crore for the year ended March 31, 2015, it said.

PNB stock was trading on Wednesday afternoon at Rs.75.30 a share, up 1.50 points, or 2.03 percent, over its previous close on the Bombay Stock Exchange (BSE).

--IANS

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