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PNB’s struggles continue as pandemic follows merger and fraud

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₹697 crore for the March quarter. That quarter was spent in adjusting for merger with two other public sector banks which meant loan growth was negligible.PNB swallowed Oriental Bank of Commerce and United Bank of India through a merger process last year, becoming the second largest public sector lender.

Net profit for FY20 was a mere ₹336 crore. March quarter results do not include that of the other two banks.Despite a bad year, PNB still looked healthier than before.

That is because FY19 was a debilitating year after the bank was swindled of $2 billion by jeweller Nirav Modi. PNB has begun to heal from the fraud, after having provided for it and taking an unprecedented yearly loss on its chin.Comparing FY20 with FY19 for PNB would be.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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