Bouncing back into black, Punjab National Bank (PNB) on Tuesday reported net profit of Rs 246.51 crore for the third quarter ended December 31, 2018.
The state-owned public sector bank had reported net loss of Rs 4,532.35 crore for the second of this fiscal. PNB had reported a net profit of Rs 230.11 crore in the comparable third quarter in the previous fiscal.
PNB reported a net loss of Rs 5,225.86 crore for the nine months ended on December 31, 2018. The bank had recorded a net profit of Rs 1134.09 crore in same period during the previous fiscal.
Commenting on the bank's return to black, Sunil Mehta, Managing Director & CEO, PNB said this turnaround has been possible largely due to the aggressive recoveries undertaken this fiscal.
In the three quarters this fiscal, PNB in aggregate has recovered Rs 16,608 crore,which is over three times the total recoveries in entire previous fiscal, Mehta said.
"This rebound shows that the fundamentals of the bank are strong. We have now provided entire 100 per cent for the incident (Nirav Modi scam) that shook us in February last year. If one were to remove the Rs 7,200 crore we had provided for this incident, we would have in fact reported a net profit of about Rs 2,000 crore for the nine months", Mehta added.