Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

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
facebookTwitterskypewhatsapp
PNB Posts Consecutive Quarterly Loss on Fraud-Related Provisions
File Photo of Punjab National Bank (Image: Reuters)
Loading...

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.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Maruti Suzuki 6,190.95 3.48
Indiabulls Hsg 521.40 -2.88
Yes Bank 71.20 -7.11
Reliance 1,275.95 -1.29
Mahanagar Gas 848.60 7.83
Company Price Change %Gain
Maruti Suzuki 6,198.75 3.75
United Spirits 578.10 -1.36
HDFC 2,090.80 -1.10
Indiabulls Hsg 521.45 -2.81
HDFC Bank 2,222.00 0.69
Top Gainers
Company Price Change %Gain
Maruti Suzuki 6,190.95 3.48
Tata Motors 123.85 2.52
Infosys 792.75 1.94
HCL Tech 1,084.00 1.87
Dr Reddys Labs 2,554.60 1.81
Company Price Change %Gain
Maruti Suzuki 6,198.75 3.75
Tata Motors 123.80 2.53
Infosys 792.90 1.94
HCL Tech 1,083.85 1.87
M&M 527.90 1.44
Top Losers
Company Price Change %Gain
Yes Bank 71.20 -7.11
Britannia 2,393.50 -3.43
UltraTechCement 4,033.05 -3.01
Indiabulls Hsg 521.40 -2.88
Eicher Motors 15,895.75 -2.71
Company Price Change %Gain
Yes Bank 71.25 -7.11
IndusInd Bank 1,404.75 -2.36
ITC 246.55 -2.01
Coal India 195.25 -1.91
Axis Bank 672.20 -1.87

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results