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PNB Q2 loss zooms to Rs 4, 532 crore

PNB Q2 loss zooms to   Rs 4, 532 crore

New Delhi: State-run Punjab National Bank (PNB) on Friday reported a loss of Rs 4,532.35 crore for the second quarter ending September caused by a significant increase in provisioning for bad debts and higher slippages.

In a stock exchange filing, PNB said it had incurred a loss of Rs 940 crore in the previous quarter, and a profit of Rs 560 crore in the same quarter a year ago.

Provisioning and contingencies for the quarter in consideration rose sharply to Rs 9,758 crore from Rs 5,758 crore in the previous quarter and Rs 2,440 crore in the corresponding period last year.

"The financial results of the bank have been arrived at after considering provisions for non-performing assets, standard assets, restructured advances, standard derivative exposures and investment depreciation by extant guidelines issued by RBI," the filing said.

Provisioning on account of non-performing assets (NPAs) or bad loans, in the second quarter, increased to Rs 7,733 crore, from Rs 4,982 crore in the previous quarter and from Rs 2,964 crore in the same period a year ago.

M Post Bureau

M Post Bureau

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