PNB posts net loss of Rs 492 cr in Q3; gross NPAs down at 16.3%

PNB had last reported a loss in the September-ended quarter of 2018-19 when its net loss was Rs 453 cr

Punjab National Bank (PNB) slipped into losses in the third quarter of 2019-20, posting its first quarterly loss in over a year ahead of its planned merger with two other public sector banks (PSBs).

PNB’s net loss stood at Rs 492.3 crore in October-December 2019, compared to a net profit of Rs 507 crore in the previous quarter. A big jump of 73 per cent in the provisioning towards bad loans, from Rs 2,565 crore in the same quarter previous fiscal to Rs 4,445 crore, affected the profitability of the second-largest PSB.

PNB had last reported a loss in the