PNB Posts Consecutive Quarterly Loss On Fraud-related Provisions
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 Rs 9.40 billion ($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 Rs 24.18 billion based on the views of 15 analysts compiled by Thomson Reuters I/B/E/S.
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.
(Reuters)
_20241011180130_original_image_10.webp)
_20240925123624_original_image_48.webp)
