World Media

PNB posts net loss of Rs 13417 crore for Q4

PNB posts net loss of Rs 13417 crore for Q4

This figure compares with a profit of Rs 261.9 crore in the previous fiscal mainly buoyed by to write-backs in pension provisions.

Allahabad Bank board has taken away all executive powers of the bank's chief executive officer Usha Ananthasubramanian, as directed by the government on Monday after the Central Bureau of Investigation named her in the Rs 13,700-crore Punjab National Bank-Nirav Modi fraud.The board has requested the government to make suitable arrangements for smooth functioning of the bank. Last week, a number of state-run banks, such as Dena Bank, Canara Bank, UCO bank and Allahabad Bank reported huge losses.

Gross NPA ratio rose to 18.38% in the January-March from 12.11% in the preceding quarter. Net bad debt assets also went up to 11.2 per cent from 7.5 per cent. The bank has made a 50 per cent provisioning against the fraud. For the March quarter, the bank saw its total provisions more than triple from a year earlier to 203.53 billion rupees. The balance amount would be provided for over three quarters.

Hours after the CBI filed the chargesheet against the fraudstars, the DFS (Department of Financial Services) has directed the directors of PNB and Allahabad Bank to divest all the powers of the officers, who are accused in the case. An LoU was a guarantee given by a bank to a foreign branch of an Indian bank to grant short-term credit to firms.

The bank has said that it has paid liabilities totalling Rs 6,586.1 crore on account of LoUs/FLCs during the quarter ending March 31. "Reconciliation of SWIFT (Society for Worldwide Inter-Bank Financial Telecommunication) messaging system CBS was not done despite repeated caution notices of the RBI", a CBI official said.

CM Sonowal threatens to quit if Assam's interest not protected
One day before the JPC visited Shillong on May 9, the Conrad Sangma government in Meghalaya unanimously made a decision to oppose the Bill.

The Reserve Bank of India had sent a questionnaire to the officials seeking to know the status of LoU issuing process in their bank which was responded to by Ahad in concurrence with his seniors including Ananthasubramanian in which he had stated that all was well in the bank, they said.

Tighter central bank rules announced in February, which did away with half a dozen loan restructuring schemes, have led to banks reporting a surge in bad loans in the March quarter, and several of them reporting losses.

After the announcement of its quarterly result, the share of the state-owned lender was also hit by a significant margin.

PNB informed in its financial audit report that, after including outstanding amounts under other credit facilities to the above entities, the amount involved now works out to Rs 14356.84 crore. Additionally, the bank will have to offer for non-performing loans as per the regulations laid down by the RBI to reclassify restructured accounts and recognize them as NPAs.


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