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PNB Q4 net slumps 62% as bad loans hurt

Gross NPA rises to 6.55% from 5.97% in the previous quarter

Reuters Mumbai
Punjab National Bank, India's fifth-biggest lender by assets, said quarterly net profit fell 62% as provisions for bad loans were sharply higher.

The New Delhi-based bank said standalone net profit plunged to Rs 307 crore ($48 million) for its fiscal fourth quarter to end-March, from Rs 806 crore a year earlier.

Analysts on average had expected a net profit of Rs 836 crore, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans rose to 6.55% from 5.97% in the previous quarter and 5.25% a year earlier. Provisions, including for bad loans, surged 79% to Rs 3,834 crore from a year earlier.
 

Shares in Punjab National Bank fell more than 6% after the results.

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First Published: May 08 2015 | 12:47 PM IST

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