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Punjab National Bank posts near $2 billion quarterly loss


(Reuters) - Punjab National Bank reported on Tuesday a $1.98 billion fourth-quarter net loss, the worst ever by an Indian lender, after being hit by a massive fraud.The loss for the three months to March 31 came in at 134.17 billion rupees compared with a net profit of 2.62 billion rupees a year ago, the fourth-biggest Indian lender by assets said in a statement.Shares in PNB fell 6 percent after the results. For the March quarter, the bank saw its total provisions more than triple from a year earlier to 203.53 billion rupees. Of that 71.78 billion rupees were due to the fraud, the bank said. ...

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First Published: Tue, May 15 2018. 15:58 IST