You are here: Home » Reuters » News
Business Standard

Punjab National Bank posts near $2 billion quarterly loss

Reuters 

(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. ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Tue, May 15 2018. 15:58 IST
RECOMMENDED FOR YOU