August 7, 2018 / 7:18 AM / 7 months ago

India's PNB posts consecutive quarterly loss on fraud-related provisions

Aug 7 (Reuters) - 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 9.40 billion rupees ($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 here

That compared with an estimated average loss of 24.18 billion rupees 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. ($1 = 68.7550 Indian rupees)

Reporting by Chris Thomas in Bengaluru Editing by Christopher Cushing

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