{"id":11007,"date":"2018-05-15T11:25:18","date_gmt":"2018-05-15T11:25:18","guid":{"rendered":"http:\/\/dinnews.in\/?p=11007"},"modified":"2018-05-15T11:25:18","modified_gmt":"2018-05-15T11:25:18","slug":"fraud-hit-punjab-national-bank-reports-huge-loss-of-rs-13417-crore-in-q4","status":"publish","type":"post","link":"https:\/\/dinnews.in\/?p=11007","title":{"rendered":"Fraud-Hit Punjab National Bank Reports Huge Loss Of Rs. 13,417 Crore In Q4"},"content":{"rendered":"

Punjab National Bank (PNB) reported on Tuesday a $1.98 billion fourth-quarter net loss, the worst ever by an Indian lender, after being hit by a massive fraud. The loss for the three months to March 31 came in at\u00a0Rs.<\/span>\u00a013,417 crore compared with a net profit of\u00a0Rs.<\/span>\u00a0262 crore a year ago, the fourth-biggest Indian lender by assets said in a statement. Shares in PNB fell 6 per cent after the results.<\/p>\n

For the March quarter, the bank saw its total provisions more than triple from a year earlier to\u00a0Rs.<\/span>\u00a020,353 crore. Of that\u00a0Rs.<\/span>\u00a07,178 crore were due to the fraud, the bank said.<\/p>\n

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 more than $2 billion, raising credit overseas with fake guarantees issued by rogue PNB staff.<\/p>\n

Police on Monday charged 22 people, including a former head of PNB and two of its current executive directors. A source familiar with the matter said more people are likely to be charged later this week.<\/p>\n

Gross bad loans as a percentage of total loans jumped to 18.38 per cent at end-March from 12.11 per cent three months earlier and 12.53 per cent a year ago.<\/p>\n

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