File Photo: Punjab National Bank. Photograph:( Reuters )
Scam-hit Punjab National Bank (PNB) today posted the largest-ever quarterly loss of Rs 13,416.91 crore for January-March period, mainly on account of high provisioning for bad loans.
The bank had reported a staggering standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17.
The total income for the fourth quarter also declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period.
The bank has witnessed the deterioration in gross net performing assets (NPAs) or bad loans, which rose to 18.38 per cent of gross advances at the end of March this year, as against 12.53 per cent year ago.
Net NPAs have also soared to 11.24 per cent against 7.81 per cent a year ago.