Punjab National Bank (PNB) on Tuesday reported net loss of Rs 492 crore for the third quarter ended December 31, 2019. This was against a net profit of Rs 247 crore recorded in the same quarter last year.
For the quarter ended September 31, 2019, PNB had reported a net profit of Rs 507 crore.
The bottomline performance for the quarter under review was weighed down by increased provisions of Rs 4,445 crore, against a provision of Rs 2,566 crore in the same quarter last year.
Of the provision of Rs 4,445 crore, as much as Rs 2,100 crore was due to divergence related provisioning and Rs 1,500 crore was accounted for by provisioning arising from harmonisation under the proposed amalgamation with Oriental Bank of Commerce and United Bank of India, sources said.
Operating profit for the quarter under review stood at Rs 3,763 crore (Rs 3,100 crore).
Total income for the quarter ended December 31,2019 stood at Rs 15,968 crore (Rs 14,854 crore).