New Delhi. State-owned Punjab National banks showcased a net loss of Rs 5,370 crore in the March quarter that is called as the biggest quarterly loss in India’s banking history.
The bank reported a net profit of Rs 307 crore in the equivalent quarter last year. The bank told that its Non-Performing Assets have mounted to 12.9 i.e. Rs 55,818 percent as compared to 8.47 percent i.e. Rs 34,338 in the December quarter.
"PNB has come out with numbers much lower than our and street's expectations. Asset quality worsened substantially during the quarter with a 62.6 per cent rise QoQ rise. In absolute term GNPAs went up by Rs 21,480 cr QoQ. This is by far the highest ever increasing in NPA by any bank which has reported numbers so far. The point of worry is that the bank believes the cleaning up exercise of balance sheet is not over. We believe pain to continue in FY17 also, with regards to asset quality. We have a neutral rating on the stock,” said Angel Broking- India’s most respected Stock-Broking Company.
Provisions kept aside for bad assets counted at Rs 10,490 crore in the fourth quarter, compared with Rs 3,448 crore in the parallel quarter of last year.