PNB posts Q1 net loss of Rs 940 cr on rise in provisioning

Punjab National Bank suffered a net loss of Rs 940 crore in April-June 2018 due to higher provisioning for the multi-crore Nirav Modi scam and NPAs despite a recovery of Rs 8,445 crore of bad loans. The state-owned bank had earned a profit of Rs 343.40 crore in the year-ago period. The bank has made 63 per cent provisioning for the over Rs 14,000-crore fraud against 50 per cent required as per the RBI's dispensation. Listen-in to the management. (Text: PTI)