May 16, 2017 / 7:54 AM / 4 months ago

Punjab National Bank posts fourth-quarter profit as bad loans ease

A man exits Punjab National Bank's building as a stray dog walks past in Kolkata, India May 16, 2017. REUTERS/Rupak De Chowdhuri

NEW DELHI/MUMBAI (Reuters) - Punjab National Bank (PNBK.NS) reported on Tuesday a fourth-quarter net profit of 2.62 billion rupees ($41 million) as its bad loans eased.

Bad loans as a percentage of total loans eased to 12.53 percent at end-March, from 13.7 percent three months earlier, and 12.9 percent a year ago, the lender said in a statement.

New Delhi-based PNB, India’s fourth-biggest lender by assets, had posted a net loss of 53.67 billion rupees in the year-ago quarter.

Shares in PNB rose more than 5 percent after the results.

($1 = 64.1200 Indian rupees)

Reporting by Manoj Kumar and Devidutta Tripathy; Editing by Subhranshu Sahu

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