PNB reports net loss of Rs 4,750 crore in Q4 due to higher provisioning for bad loans

Government-owned Punjab National Bank (PNB) on Tuesday reported a net loss of Rs 4,750 crore in the fourth quarter of 2018-19, largely due to higher provisioning for bad loans.The net loss in same period of last financial year was Rs 13,417 crore because of fraudulent loans worth over Rs 14,000 crore to the group of companies belonging to Nirav Modi and Mehul Choksi, who have fled the country."We have tried to cleaning up the balance sheet, and made proper provisioning in all the stressed assets going forward," said Chairman and Managing Director Sunil Mehta."Our provisioning coverage ratio has gone up from 58 to 75 per cent. In cases being adjudicated by the National Company Law Tribunal (NCLT), it has even gone up to even 85 per cent. This will assure investors and depositors and instill confidence in them," he said while speaking to ANI.In three months ending December 2018, however, the bank had reported a net profit of Rs 246 crore as compared to Rs 230 crore in the same period of