INSUBCONTINENT EXCLUSIVE:
State run Punjab National Bank (PNB) was able to raise around Rs 500 crore after its Employee Stock Purchase Scheme (ESPS) was 90 per cent
per cent ratio under ESPS and the credit goes to all the PNB employees, the official added.
Employees from Chennai, Bhopal and Meerut had
the maximum participation in the offering.
The lender has posted a loss of Rs 4,532 crore for the quarter ending September 2018 owing to
sharp increase in provisioning
hope that the bank will be in black by the end of this fiscal and that they have up fronted provisioning requirements.
PNB sharply increased
its provisions to Rs 9,757 crore from Rs 5,758 crore in the previous quarter
Of this it kept aside Rs 7,773 crore for bad loans as against Rs 4,982 crore in the previous quarter.
The provision coverage ratio saw an
increase from 59 per cent last year to 67 per cent as of end September 2018.
The bank has now posted losses in the last three quarters
Post Nirav Modi scam it had posted a staggering loss of Rs 13,416.91 crore for the fourth quarter 2017-18, the biggest ever by any domestic
lender.
Till July 2018, the bank had made provision of Rs 9,041.88 crore against the loss of around Rs 15,000 crore in the scam
The bank had noted that it has made provisions of Rs 3,295.12 crore during the September quarter.
The remaining provision will be made
10.08 per cent at the end of the September quarter compared to 9.62 per cent at the end of the last quarter.
