PNB Q4 loss narrows to Rs 4,750 cr; NPA declines

State-owned Punjab National Bank (PNB) Tuesday reported narrowing of its loss by nearly 65 per cent to Rs 4,750 crore during the fourth quarter of fiscal ended March 2019 even after making adequate provisions towards the Nirav Modi fraud and non-performing assets (NPAs).

The scam-hit lender had posted highest ever loss of Rs 13,417 crore in the corresponding January-March period of 2017-18, due to fraud committed by jeweller duo Mehul Choksi and Nirav Modi.

The bank's total income during the March quarter of 2018-19 rose to Rs 14,725.13 crore from Rs 12,945.68 crore in the year-ago period.

It has earned a healthy operating profit of Rs 2,861 crore during the quarter and Rs 12,995 crore for the year as a whole indicating strong fundamentals, PNB Managing Director Sunil Mehta said while announcing financials here.

"We suffered a setback (Nirav Modi fraud) last year of which, 50 per cent provisioning was done last year and 50 per cent have been made this year. We have taken a conscious ..