Punjab National Bank posts consecutive quarterly loss

Punjab National Bank posts consecutive quarterly loss

FILE PHOTO: A bird flies past the logo of Punjab National Bank installed on the facade of its office in Mumbai, India, February 21, 2018. REUTERS/Danish Siddiqui/File photo GLOBAL BUSINESS WEEK AHEAD

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 https://www.bseindia.com/xml-data/corpfiling/AttachLive/75191d4c-3345-46....

That compared with an estimated average loss of 24.18 billion rupees 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. ($1 = 68.7550 Indian rupees)


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