NEW DELHI: Punjab National Bank, the fourth-biggest Indian lender by means of belongings, posted a $1.98 billion fourth-quarter internet loss after being hit by means of a large fraud. The loss for the 3 months to March 31 got here in at Rs 13,417 crore when put next with a internet benefit of Rs 262 crore a 12 months in the past, the bank mentioned in a observation.
PNB has witnessed deterioration in gross internet performing belongings (NPAs) or dangerous loans, which rose to 18.38 in step with cent of gross advances on the end of March this 12 months, as in opposition to 12.53 in step with cent 12 months in the past. Net NPAs had been additionally soared to 11.24 in step with cent in opposition to 7.81 in step with cent a 12 months in the past.
In what has been dubbed as the biggest fraud in India's banking history, PNB in February disclosed two jeweller groups had defrauded it of greater than $2 billion by means of elevating credit score in a foreign country the use of fake promises issued by means of rogue PNB staff at a Mumbai department over a number of years.
The executive on Monday had initiated a procedure to take away Allahabad Bank CEO (former PNB leader) Usha Ananthasubramanian and two govt administrators of PNB in connection with $2 billion fraud perpetrated by means of diamond jeweller Nirav Modi in connivance with the bank officers.
Following the federal government's directive, which got here after CBI submitting a chargesheet in the fraud case, the PNB board divested its two govt administrators, Okay V Brahmaji Rao and Sanjiv Sharan, of all financial and govt powers.
The shares of the state-lender closed three.8 in step with cent decrease at the BSE index and 6.10 in step with cent down at the NSE nowadays.
PNB has witnessed deterioration in gross internet performing belongings (NPAs) or dangerous loans, which rose to 18.38 in step with cent of gross advances on the end of March this 12 months, as in opposition to 12.53 in step with cent 12 months in the past. Net NPAs had been additionally soared to 11.24 in step with cent in opposition to 7.81 in step with cent a 12 months in the past.
In what has been dubbed as the biggest fraud in India's banking history, PNB in February disclosed two jeweller groups had defrauded it of greater than $2 billion by means of elevating credit score in a foreign country the use of fake promises issued by means of rogue PNB staff at a Mumbai department over a number of years.
The executive on Monday had initiated a procedure to take away Allahabad Bank CEO (former PNB leader) Usha Ananthasubramanian and two govt administrators of PNB in connection with $2 billion fraud perpetrated by means of diamond jeweller Nirav Modi in connivance with the bank officers.
Following the federal government's directive, which got here after CBI submitting a chargesheet in the fraud case, the PNB board divested its two govt administrators, Okay V Brahmaji Rao and Sanjiv Sharan, of all financial and govt powers.
The shares of the state-lender closed three.8 in step with cent decrease at the BSE index and 6.10 in step with cent down at the NSE nowadays.
Punjab National Bank reports Rs 13,417 crore loss in Q4
![Punjab National Bank reports Rs 13,417 crore loss in Q4]()
Reviewed by Kailash
on
May 15, 2018
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