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Punjab National Bank on Friday reported a net loss of Rs 4,532.35 crore for the quarter ended September 30, 2018. This state-owned lender had reported net loss of Rs 940 crore in the previous quarter this fiscal.
In the September quarter last year, PNB had recorded a net profit of Rs 560.58 crore.
For the six months ended September 30, PNB has reported net loss of Rs 5,472.36 crore as compared to net profit of Rs 904 crore in the same period last year.
Although the bottomline performance has worsened sequentially, the asset quality ratios have shown improvement.
The transformation of the bank, which is still reeling from the Nirav Modi crisis, is underway and process and system improvements are being implemented, said bank officials.
"The bank is on track to bounce back this fiscal itself. In the first two quarters, we have upfronted provisioning requirements. We are on track with the clean-up. We also took the conscious decision of bringing net NPA ratio below 10 per cent," Sunil Mehta, Managing Director & CEO, PNB, told BusinessLine here.
He also said that PNB's provision coverage ratio has seen substantial increase from 59 per cent last year to 67 per cent as of end September 2018. This will give the bank good cushion in the coming quarters and return to black this fiscal, he added.
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