NEW DELHI: India’s Punjab National Bank (PNB) is all set to announce its fourth quarter results today. Early guesses foresee the bank to post a huge March quarter loss on May 15, 2018 since the public sector lender has been strangling in a 2 billion dollars fraud, higher bond yields and tighter bad loan norms.
As per an early poll conducted by Bloomberg, market analysts estimated an average, that PNB will report a stand-alone net loss of Rs 3,835 crore in the fourth quarter.
PNB’s earnings will be pressurised as it will have to make enough provisions to deal with the scam-related payouts to other banks. The Delhi-based lender will also have to make higher provisions for non-performing assets after the Reserve Bank of India (RBI) ordered an immediate recognition of bad debts that also affected the results of other lenders.
Punjab National Bank faces a scam of around Rs 13,000 crore allegedly caused by jewellers Nirav Modi and Mehul Choksi along with some bank employees.
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