Punjab National Bank has reported a net loss of Rs 13,416.91 crore for the fourth quarter ending March 2018, after being hit by massive fraud. According to the statement issued by the company, the loss for the three months to 31 March came in at Rs 13,417 crore compared with a net profit of Rs 262 crore a year ago.
Since February, PNB has been at the centre of a near Rs 13,000 crore fraud involving diamond merchants Nirav Modi and Mehul Choksi. According to a Reuters report, Gross non-performing assets (NPAs) worsened substantially to 18.38 percent of total loans as on March-end 2018 as compared to 12.11 percent of total loans in December 2017 and 12.5 percent as on March-end 2017. Net NPA ratio also deteriorated to 11.24 percent from 7.55 percent in the previous quarter and 7.81 percent in the year-ago period.
The total income for the fourth quarter also declined to Rs 12,945.68 crore from Rs 14,989.33 crore in the year-ago period.