At Rs. 5,367 cr., PNB makes record loss
The public-sector Punjab National Bank, on Wednesday, reported a loss of Rs. 5.367 crore for the March quarter, the biggest-ever quarterly loss reported by an Indian bank. During the corresponding period in the previous year, the bank made a profit of Rs. 307 crore, but bad loans more than doubled during the period under review.
The gross non-performing assets of the bank increased by Rs. 30,000 crore in 2015-16 to Rs. 55,818 crore, which is now 12.9 per cent of its gross advances compared with 6.55 per cent a year ago. “Major cleansing has happened in the NPA book. Now, we have to work for the recovery and upgrade of accounts,” Usha Anantha subramanian, Managing Director and Chief Executive Officer of bank, told. She said the bank hoped that the stress level would remain at the same level, if not lower, but added that it was difficult to say “the bad days are over”.
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