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PNB Posts Consecutive Quarterly Loss On Fraud-related Provisions

Net loss was Rs 9.40 billion ($136.72 million) for the three months to June 30, compared with a profit of 3.43 billion rupees a year earlier

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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 Rs 9.40 billion ($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.


That compared with an estimated average loss of Rs 24.18 billion 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.


(Reuters)


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