Thursday, 24 May, 2018


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
Bennie Garza | 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.

Punjab National Bank reports huge loss of Rs. 13417 crore in Q4

"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.

Recommended

loading...
...
  • Ebola vaccine arrives in DR Congo amid outbreak

    Ebola vaccine arrives in DR Congo amid outbreak

    The BBC reports, "Ebola is a serious infectious illness that causes internal bleeding and often proves fatal". He said epidemiologists are working to identify additional contacts to the 500 already identified.
    Instagram CEO Confirms Usage Insights Feature Being Developed

    Instagram CEO Confirms Usage Insights Feature Being Developed

    It seems Instagram is ready to embrace the impact of the reduction in usage as soon as such a tool goes live for users. Systrom says Instagram wants the time spent within the app to be "positive and intentional".
    Utah Tesla driver had hands off wheel before crash

    Utah Tesla driver had hands off wheel before crash

    It's now your nearly weekly reminder that you need to stay attentive on Autopilot and that rules of the road still apply. The driver engaged Autosteer and Traffic Aware Cruise Control on multiple occasions during this drive cycle.
  • BT Plus will grant you unlimited mobile data when your Wi-Fi goes down

    BT Plus will grant you unlimited mobile data when your Wi-Fi goes down

    Little details like EE's offer of gifting up to 20GB of your 4G allowance to other family members is a nice touch. Allera said: "We made some tough choices last week, but we are reinvesting in networks and customer services".
    Riz Ahmed to co-write the screenplay for Ms Marvel

    Riz Ahmed to co-write the screenplay for Ms Marvel

    Willow Wilson, and Adrian Alphona, Kamala Khan became Marvel's first Muslim character to headline her own comic book. Ms Marvel , aka Kamala Khan and Marvel's first Muslim superhero, was launched in the comics back in 2013.

    A Groundbreaking Football News: How do Footballers And Dementia Relate?

    Finally, I think we can hope that the experts would look into the matter in a cautious way in the near future. As per Shearer’s words ‘At least now people have started to look for answers’.
  • Distant galaxy opens door to 'uncharted period of cosmic history'

    Distant galaxy opens door to 'uncharted period of cosmic history'

    There is renewed optimism we are getting closer and closer to witnessing directly the birth of starlight. The oxygen in MACS1149-JD1 was the most distant ever detected.
    Honda to launch Civic, CR-V in H2 of FY2018-19

    Honda to launch Civic, CR-V in H2 of FY2018-19

    Another highlight of the cabin is the Digipad 2.0 touchscreen infotainment unit that supports Apple CarPlay and Android Auto. Although both the cars are powered by a 1.2-litre petrol engine, the Amaze leads the Xcent in terms of power by 7PS.
    Gustav Klimt Could Challenge For 2,000 Guineas

    Gustav Klimt Could Challenge For 2,000 Guineas

    However, Gustav Klimt bounced back with a fine performance at the Barronstown Stud Irish European Breeders Fund in June last year. Gustav Klimt moved to the inside down the final furlong and found just enough speed to beat out his compatriot Nebo by a head .
  • Circle raises $110 M, plans to build USD-backed cryptocurrency

    Circle raises $110 M, plans to build USD-backed cryptocurrency

    One of these tokens, to be issued this summer, is USD Coin , or USDC, will be backed one-to-one by USA dollar. Cryptocurrencies still suffer from price volatility, so bitcoin can't be the common denominator.
    Seeyouatmidnight to serve the Scots a Grand National double

    Seeyouatmidnight to serve the Scots a Grand National double

    He was runner-up behind Big River in the Edinburgh Gin Handicap Hurdle at Kelso and he then placed third at Newbury in March. Those having a bet on the Grand National will find him available at 16/1 with Paddy Power in the ante-post list.
    Irish masters Elliott and Mullins set for three-pronged attacks in Grand National

    Irish masters Elliott and Mullins set for three-pronged attacks in Grand National

    As for Elliott, his Grand National trio this year are headed by three-time Cheltenham Festival winner Tiger Roll . The 2018 renewal has a typically wide-open feel and that’s certainly evident from a betting perspective.

Pregnant Broadway actress loses baby after NYC vehicle crash killed her daughter Pregnant Broadway actress loses baby after NYC vehicle  crash killed her daughter Prosecution told Peoplemagazine that Bruns was arraigned on charges of "manslaughter, criminally negligent homicide and assault". Ruthie - who was seven months pregnant at the time - was injured in the accident, while Abigail was tragically killed.

NDMC ranked cleanest small city in cleanliness survey NDMC ranked cleanest small city in cleanliness survey Swachh Survekshan aims to estimate levels of cleanliness across cities in the country. This year's survey saw the participation of around 4,200 cities.

Jobs under threat as Mothercare set to close stores across the UK Jobs under threat as Mothercare set to close stores across the UK The company has not announced which stores will close, but has confirmed 800 jobs throughout the United Kingdom will be affected. Retailers across the board have been battered by weak consumer confidence off the back of soaring Brexit-fuelled inflation.

SC rejects K'taka's plea to stall draft Cauvery scheme SC rejects K'taka's plea to stall draft Cauvery scheme The CMB would be headquartered in Delhi while the office of the regulatory authority would be in Bengaluru. Karnataka and Tamil Nadu have fought over the river for more than a century now.

Harry Styles is executive-producing a sitcom based on his life Harry Styles is executive-producing a sitcom based on his life The story is based on Styles' early days with One Direction , when he moved to London to live with his friend, the TV producer Ben Winston .

Youtube will start crediting musicians properly in their videos Youtube will start crediting musicians properly in their videos According to Google, the feature is created to help users identify songs in videos that they have stumbled upon and instantly liked.

Italy great Buffon to leave Juventus Italy great Buffon to leave Juventus He won Serie A nine times and the Coppa Italia five times, while he also lifted the UEFA Cup with Parma in 1999. I was always be grateful to all of you forever.

Reliance Communications shares surge 38% Reliance Communications shares surge 38% The company in a press release said it would decide the next course of action after studying the detailed orders of NCLT. In December 2017, Reliance Jio agreed to buy a majority of the wireless assets of RCom for an undisclosed amount.

Gambling machines to be limited to £2 stakes Gambling machines to be limited to £2 stakes The decision is a victory for campaigners against the excesses of the gambling industry, including a number of Christian groups.

Van Marwijk cuts another six from Australia's World Cup squad Van Marwijk cuts another six from Australia's World Cup squad The Socceroos final 23-man World Cup squad will be named on June 3 after Australia's first friendly against Czech Republic two days prior.

Senate passes measure repealing changes to net neutrality rules Senate passes measure repealing changes to net neutrality rules Schumer responded, "low bar" and the lawmakers laughed. 47 of the Senate Republicans voted to keep FCC's decision in place. He said Democrats would try to make it a campaign issue if Republicans will not allow a vote.

General Overview of Cisco CCNA R&S Questions and Answers In addition to this, they will also build their skills and knowledge levels required to implement WLAN in a small/medium network. At the end of the course, they will also be able to resolve regular issues with EIGRP, STP, and OSPF in IPv4 and IPv6 networks.

The First Offline Date After Online Relationships The First Offline Date After Online Relationships The Date Day: How To Behave When you meet your date offline for the first time, there are many things that can go wrong. That is a very responsible step that will either empower or destroy the already formed relationships.

List of the Best Fitness Trackers for 2018 List of the Best Fitness Trackers for 2018 Although it is a bit expensive, it makes your experience really enjoyable by giving you access to music and also GPS navigation. Huawei Band 2 Pro is one of the best low-budget devices that offers you all the functions you need for under 60 Euros.

Latest News on the Global Online Gaming Industry The company is showing signs of making a comeback, as competitors are forced to merge and consolidate in order to survive. The industry can be broken down further between mobile gambling and desktop gambling (which includes laptops and PCs).