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PNB posts record net loss of Rs 13417 crore in March quarter

PNB posts record net loss of Rs 13417 crore in March quarter

The bank had reported a staggering standalone profit of Rs 261.90 crore in the fourth quarter of 2016-17.

The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

The bank's total liability in the fraud involving Nirav Modi's companies and his partners amounted to Rs 14,356 crore, which includes Letters of Undertaking (LoUs) and other credit facilities given to his companies. The loss is much higher than the Street estimates.

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PNB's asset quality worsened, with gross bad loan ratio rising to 18.38 per cent from 12.21 per cent sequentially.

PNB, which raised 50 billion rupees from a share sale in December and has received almost 55 billion rupees from the government as part of a $32 billion bank recapitalisation programme, has said it is adequately capitalised for now. The bank has made a 50 per cent provisioning against the fraud. The remaining provisioning of Rs 71.8 billion will be made during the first three quarters of the present financial year, it added.

Collective companies of Modi and Choksi availed loans from global branches of other banks based on letters of undertaking (LoU) issued by several PNB employees only.

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Hours after the CBI filed the chargesheet against the fraudstars, the DFS (Department of Financial Services) has directed the directors of PNB and Allahabad Bank to divest all the powers of the officers, who are accused in the case.

A LoU is a guarantee given by an issuing bank to Indian banks having branches overseas to grant short-term credit to the applicant. We had questioned some PNB Officials some days back over PNB fraud, SWIFT Issue. According to the chargesheet, the reconciliation of SWIFT system and Core Banking System, which enables inter-connectivity between branches and real-time updation of transactions, was not done despite reminders by the RBI. During the day, it declined 6.26 per cent to Rs 83.80 - its 52-week low level. The mounting bad loans also led to an increase in the overall quarterly loss.

The federal government owns controlling stakes in state-run lenders including Allahabad Bank and PNB.

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PNB said on Tuesday it had set aside a higher-than-required 71.78 billion rupees in the three months to March 31, or half of the total 143.57 billion rupees it owes other banks for the illegal guarantees. Additionally, the bank will have to offer for non-performing loans as per the regulations laid down by the RBI to reclassify restructured accounts and recognize them as NPAs.


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