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PNB Posts Consecutive Quarterly Loss on Fraud-Related Provisions

Net loss was 9.40 billion rupees ($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.

Reuters

Updated:August 7, 2018, 12:56 PM IST
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PNB Posts Consecutive Quarterly Loss on Fraud-Related Provisions
File Photo of Punjab National Bank (Image: Reuters)
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Mumbai: 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 9.40 billion rupees ($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 24.18 billion rupees based on the views of 15 analysts compiled by Thomson Reuters.

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.

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| Edited by: Ahona Sengupta
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