The fraud-hit Punjab National Bank posted a wider-than-expected loss of Rs 13,417 crore as non-performing assets rose to 18.38% compared to 12.11% in the previous quarter.
The net NPA is pegged at 11.24%, higher than the 7.55%, posted last quarter.
The bank posted a loan growth of 3.4% on a year-on-year basis. In numbers, the net NPA is pegged at Rs 48,684 crore as against the Rs 34,076 crore posted last quarter.
The gross NPA, in numbers, surged to Rs 86,620 crore after the fraud was uncovered in February this year, as against the Rs 57,519 crore last quarter.
The bank's net interest income stands at Rs 3,063.4 crore as against the poll estimate of Rs 3,876.7 crore. The bank's provisions stood at Rs 20,353 crore versus the Rs 4,467 crore posted in the last quarter and Rs 5,753 crore posted last year.
The Punjab National Bank (PNB) fraud case, which is now amounting to $2 billion, was siphoned from the bank through issuance of Letters of Undertaking (LoUs) to top jeweller Nirav Modi.
PNB bank officials, Nirav Modi and his accomplices were involved in the money laundering case.
The firm officials would approach the bank for LoUs, which are bank guarantees allowing customers to raise money from any other Indian bank’s foreign branch in the form of short-term credit.
First Published: May 15, 2018 3:44 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024 — how regional parties are challenging national giants in Phase-4
May 15, 2024 6:17 AM
Supreme Court refuses plea seeking 6-year poll ban on PM
May 14, 2024 7:14 PM
Punjab Lok Sabha elections 2024: A look at BJP candidates
May 14, 2024 7:06 PM
Lok Sabha polls: EC disposes of 90% complaints related to MCC violations
May 14, 2024 4:45 PM