INSUBCONTINENT EXCLUSIVE:
New Delhi: State-run Punjab National Bank posted a net loss of Rs 940 crore for the first quarter of 2018-19, weighed down by the
provisioning for the Rs 14,000-crore Nirav Modi scam
closed at Rs 82.85 on the BSE, down 8.10 per cent
the operating profit of the bank improved to Rs 4,195 crore as compared to Rs 3,217 crore in the same quarter a year ago and this shows that
PNB had posted staggering loss of Rs 13,416.91 crore for the fourth quarter 2017-18, the biggest ever by any domestic lender
PNB said the bank has identified around 159 accounts worth Rs 17,800 crore for sale to asset reconstruction companies.
The bank is also
expecting around Rs 7,000 crore through resolutions under the NCLT process.
The bank further plans to sell non-core assets worth Rs 8,600
crore during the current financial year
It has already appointed merchant banker for selling its stake in PNB Housing Finance and will also dilute minority 4 per cent stake in PNB
June 30, 2018 as against 13.66 per cent in the same quarter a year ago
Net NPAs rose to 10.58 per cent against 8.67 per cent.
