PSU banks suffer whopping Rs. 87,000cr loss in FY18
Losses of 19 government-run banks crossed a whopping Rs. 87,357cr in FY2017-18, topped by scam-tainted Punjab National Bank which took a hit of nearly Rs. 12,283cr.
Of 21 state-owned banks, only two banks posted profits: Indian Bank (Rs. 1,258.99cr) and Vijaya Bank (727.02cr).
The net loss posted by banks was about Rs. 85,370cr as against a net profit of Rs. 473.72cr in FY2016-17.
PSU banks suffer Rs. 87,000cr loss in FY18
Highest net loss
Punjab National Bank registered highest net loss of Rs. 12,282.82cr
Punjab National Bank, which is reeling under more than Rs, 14,000cr scam allegedly perpetrated by Nirav Modi and associates, posted a net loss of Rs. 12,282.82cr last fiscal. In 2016-17, the Delhi-headquartered bank had posted a profit of Rs. 1,324.8cr.
Second came IDBI Bank, whose net loss widened to Rs. 8,237.93cr in the financial year 2017-18 from Rs. 5,158.14cr in the previous year.
SBI posted Rs. 6,547.45cr net loss in FY2017-18
India's largest bank State Bank of India too added hugely to the combined losses of PSBs. SBI's net loss in FY18 stood at Rs. 6,547.45cr as against a net profit of Rs. 10,484.1cr in 2016-17.
Indian banking sector is grappling with mounting non-performing assets (NPAs) and a host of scams/frauds.
The NPAs in banking sector stood at Rs. 8.31-lakh-crore as of December 2017.
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