PNB fraud: Nirav Modi's ex-director moves HC for quashing LOC

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

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

Bank will make payments to the concerned banks on the due dates of LOUs/FLCs.

The remaining provision of Rs 7,178.42 crore will be made during the first three quarters of the ensuing financial year. The bank made payments to the tune of almost Rs 6600 crore to other banks to whom it owed money on underwriting commitments with regard to the letters of undertakings that were fraudulently issued to the Nirav Modi group.

Meanwhile, PNB on Tuesday said that its total liability works out to Rs 14,356.84 crore on account of the fraud allegedly carried out by jewellery designer Nirav Modi and associates.

The bank's gross non-performing assets grew to Rs 86,620.05 crore in the January - March 2018 quarter, from Rs 55,370.45 crore in the same period of the previous year, and Rs 57,519.41 crore in the quarter ended December 2017.

PNB's share has dropped from a level of Rs 194 crore in January-end before the scam was revealed to a level of Rs 83.85 on Tuesday end of trade after tanking 6% post the announcement of its quarterly results. The stress in the corporate sector in addition to new RBI norms pushed up the bank's gross NPAs to over 18% of its advances at the end of March, from a little over 12% a year ago.

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Justice Rajiv Shakdher issued notice to the CBI and SFIO, which is also conducting an investigation into the matter, and listed the matter for further hearing on July 25. The stock started falling after the bank was hit by Rs 11,400-crore scam committed by Nirav Modi in February 2018.

It further said that as a prudent measure, the bank has created liability in the books in respect of LoUs/FLCs which are becoming due after March 31 amounting to Rs 6,959.79 crore.

Some analysts expressed concern that the size of the losses, coupled with surging bad debts across the Indian banking sector, might weaken PNB's capital reserves to the extent it could damage the bank's growth prospects.

The total income for the fourth quarter declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period. In the fourth quarter, the bank's gross domestic business grew 7.8 per cent on annual basis over the corresponding period a year ago to Rs 10.31 lakh crore, PNB said in a statement.

The March 4 FIR alleged that directors, chief finance officer and finance officer of Firestar International Ltd, Firestar Diamond International Pvt Ltd, other directors/ promoters, company officials and unknown public servants of Punjab National Bank entered into a criminal conspiracy, pursuant to which PNB, Mumbai was allegedly cheated to the tune of Rs 321.88 crore over the period 2013-17. That led to a more than tripling of its total provisions from a year earlier to Rs 16,203 crore.

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