Public sector lender Punjab National Bank (PNB) on Wednesday reported a net loss of Rs. 5,367.14 crore for the fourth quarter ended March 31 on account of higher provisioning for bad loans.
This was the biggest quarterly loss in India’s bank history.
PNB had posted a net profit of Rs. 306.56 crore in the corresponding period of the previous fiscal.
Total income during the quarter decreased 1.33 per cent to Rs. 13,276.19 crore from Rs. 13,455.65 crore a year ago.
For the full fiscal, the lender reported a net loss of Rs 3,974.39 crore compared with a net profit of Rs 3,061.58 crore in corresponding last fiscal.