Punjab National Bank’s howler of a show for the March quarter is the highest-ever loss by a bank in India. The state-run bank managed to post losses of Rs 13,417 crore during the quarter, dragged by a spike in provisions by three times towards bad loans, which was taken upfront during the quarter.
In the same quarter a year ago, the bank had turned around due to write-back in pension provisions to report a profit of Rs 261.9 crore against a massive loss of Rs 5,367.1 crore in the March-end quarter of 2016.
While the latest result dominates the list of losses posted by banks, financial houses such as Canara Bank, Bank of India, Bank of Baroda and Allahabad Bank are part of top-10 biggest losses ever posted by banks.
The second-biggest quarterly loss was also posted by PNB, which stood at Rs 5,367 crore, followed by Canara Bank, Bank of India, Allahabad Bank and Bank of Baroda.
Here’s a look at the top-10 list of highest quarterly losses posted by banks.
(With inputs from Ritesh Presswala)
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