Things are not looking good Punjab National Bank (PNB) which was hit by the biggest banking scandal in India earlier this year.
The public sector bank has registered a net loss of Rs 13,416.91 crore for the quarter ended March 31.
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This is in place of the net profit of Rs. 262 crore PNB had recorded just a year ago.
For the March quarter, the bank saw its total provisions more than triple from a year earlier to Rs. 20,353 crore. Of that Rs. 7,178 crore were due to the fraud.
PNB has witnessed deterioration in gross net performing assets (NPAs) or bad loans, which rose to 18.38 per cent of gross advances at the end of March this year, as against 12.53 per cent year ago. Net NPAs were also soared to 11.24 per cent against 7.81 per cent a year ago.?
PNB
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 by raising credit overseas using fake guarantees issued by rogue PNB staff at a Mumbai branch over several years.