Punjab National Bank reports huge loss of Rs. 13417 crore in Q4
Punjab National Bank reports huge loss of Rs. 13417 crore in Q4
PNB plunges to 52-week low as bad loans mount
17 May, 2018, 15:13
The bank, which has been allowed by the Reserve Bank of India (RBI) to spread the fraud-related provisions over four quarters, said it would set aside the remaining money over the three quarters beginning 1 April.
The bank's share price on the BSE today settled at Rs 75.55, down Rs 10.45 or 12.15 per cent, from the previous close of Rs 86 per share.
They said, supplementary chargesheets against Nirav Modi will also be filed soon.
A Bloomberg poll of 14 analysts estimated, on an average, that the bank will report a stand-alone net loss of Rs3,835 crore in the quarter ended March.
On Wednesday, the Central Bureau of Investigation (CBI) filed the second charge sheet in connection with the Punjab National Bank (PNB) fraud case.
The stock has been sliding consistently since the fourth week of January this year, that is, around the time news about Nirav Modi's liablities to the bank started flooding the market.
"Their capital is very low, and a bank needs it to sustain growth", said Yuvraj Choudhary, an analyst at Mumbai brokerage Anand Rathi, who said PNB's reported loss was more than triple his estimate, calling it a "major concern".
The board of state-owned Allahabad Bank on Tuesday divested its MD and CEO Usha Ananthasubramanian of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI's chargesheet in PNB fraud case.
The chargesheet points out, "During 2015 to 2018, Mr. Shetty debited an aggregate amount of ₹2.28 crore to the account of Gitanjali Exports Corporation Ltd towards arranger fees which is maintained with PNB, Brady House, in which Mr. Choksi is the managing director and authorised signatory".
Earlier this month, the daily had reported that the Bankruptcy Court for the Southern District of NY had asked a global professional services firm, Alvarez and Marsal, to investigate the circumstances surrounding the alleged Rs 13,000 crore bank fraud involving the diamantaire-turned-fugitive.
During the fourth quarter, the bank posted a net loss of Rs 13,417 crore.
To ensure proper checks and balances, PNB has gone for a four-way split for loan operations and created a focused off-site centre for monitoring all foreign exchange businesses.
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