Punjab National Bank (PNB) Tuesday posted 7.12 per cent increase in net profit at Rs 246.51 crore for its third quarter ended December 31, 2018, driven by lower provisioning for bad loans.
PNB, which which was involved in a Rs 14,356-crore scam by Nirav Modi, had reported net profit of Rs 230.11 crore for the corresponding quarter a year ago.
The bank's total income, fell by 2.64 per cent to Rs 14,854.24 crore for the quarter under review from Rs 15,257.5 crore in the year-ago quarter.
PNB managing director and CEO Sunil Mehta said the company's financial numbers are back in black.
"We have honoured all our commitments. Our bank, as on date, has provided all for that incident (Nirav Modi fraud). We suffered because of the one-off incident which has now been absorbed by the bank," Mehta said
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