Fraud-hit PNB bounces back into black with Rs 246-crore profit in Q3

Had suffered Rs 4,530-crore net loss in the second quarter of the current fiscal

State-owned Punjab National Bank (PNB) has bounced back into the black in the third quarter of this financial year — for the first time after it was hit by the country’s biggest banking fraud a year ago — on account of a drop in provisioning for bad loans.

PNB posted a net profit of Rs 246 crore in the third quarter of 2018-19, which is 7 per cent higher than the profit of Rs 230 crore in the corresponding period of the previous year. In the second quarter, it had posted a net loss of Rs 4,532 crore. 

The bank’s