GNP reports loss of rupees of Rs 492 for the third quarter in increased supply for the NPA
NEW DELHI: National Bank of Punjab (PNB) reported on Tuesday an independent net loss of Rs 492.28 rupees for the December 2019-2020 quarter due to the substantial increase in the provision of bad loans.
The bank had published a net profit of Rs 246.51 rupees for the same period of the previous year. In the previous quarter of September, the bank had a profit of Rs 507.05 rupees.
The total income during the quarter under review was Rs 15,967.49 rupees compared to Rs 14,854.24 rupees in the same period of the previous year, PNB said in a regulatory presentation.
The bank made a provision of Rs 4,445.36 rupees for bad loans during the quarter under review. This was more than Rs 2,565.77 million parked aside for the period of the previous year.
On a consolidated basis, the lender reported a net loss of Rs 501.93 rupees during the quarter under review.
There was a net gain of Rs 249.75 rupees in the same period a year ago, the bank said.
Revenue was Rs 16,211.24 rupees, above Rs 15,104.94 rupees earlier.
The bank's gross non-productive assets (NPA) accounted for 16.30 percent of gross advances at the end of December 2019, compared to 16.33 percent for the same period last year.
Net NPAs or bad loans were at 7.18 percent, down from 8.22 percent in December 2018.
GNP shares were trading at Rs 58.70 in BSE, up 2.35 percent.