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PNB posts Net Loss Of Rs4750-Cr, Stock falls

Country’s second largest lender, Punjab National Bank (PNB) on Tuesday reported a net loss of Rs4750-Cr, for the January-March 2019 quarter.

The Bank’s provision for the 3rd quarter of 2018-19 fell to Rs7611-crore from Rs12,970-crore, showing better revival. Net interest income (NII) rose by 37.1-pc to Rs4200-crore in the March-ended quarter from a year ago. Net interest margin of the Bank increased to 2.45pc from 1.90pc in the same period last year.

Shares of PNB were trading 3.19pc lower at Rs86.40 around 3.15 pm on the NSE, on Tuesday. At the same time, benchmark indices recovered their early losses, with Sensex at 39738.40 up 55 points and the Nifty at 11932.95 up by 8 points.