May 16, 2017 / 7:50 AM / 3 months ago

India's Punjab National Bank posts Q4 profit as bad loans ease

NEW DELHI/MUMBAI, May 16 (Reuters) - India's Punjab National Bank 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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