PNB Posts Consecutive Quarterly Loss on Fraud-Related Provisions
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Mumbai: India’s Punjab National Bank reported its second consecutive quarter of loss as the country’s second-biggest state-run lender set aside more funds for a massive fraud it disclosed earlier this year.
Net loss was 9.40 billion rupees ($136.72 million) for the three months to June 30, compared with a profit of 3.43 billion rupees a year earlier, the bank said in a statement.
That compared with an estimated average loss of 24.18 billion rupees based on the views of 15 analysts compiled by Thomson Reuters.
PNB, the fourth-biggest bank by assets among all of India’s lenders, in February said it had been defrauded by two jewellery groups which raised more than $2 billion credit overseas using fake guarantees provided by the bank’s staff at a Mumbai branch.
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| Edited by: Ahona Sengupta
Source: News18