New Delhi, Aug 7 Fraud-stricken Punjab National Bank (PNB) on Tuesday posted a net loss of Rs. 940 crore for the quarter finished June 30, against a net benefit of Rs 343.40 crore for a same quarter a year ago.
While the bank's loan growth went up to almost to Rs. 4.15 lakh crore, store development continued as before at Rs. 6.30 lakh crore.
Addressing a press conference, PNB Managing Director and Chief Executive Officer Sunil Mehta said that the prompt point of the bank was to recuperate misfortunes through the Non-Performing Assets (NPA) to increase profitability.
"Actual recovery we are looking at is Rs 20,000 Crore. We recovered Rs 8445 crore out of which Rs 3200 Crore was recouped from Bhushan Steel and Electrosteel Steels," he said.
Highlighting prompt corrective taken after the scam including jewellers Nirav Modi and Mehul Choksi was uncovered; Mehta said that the bank had just documented cases with the National Company Law Tribunal (NCLT) that will help them to recover a large chunk of NPAs.
"We had filed cases in National Company Law Tribunal (NCLT), a substantial lump of NPA will originate from that point. We are expecting a recuperation of Rs 5000 Crore to Rs 7000 Crore from NCLT and Rs 5000 Crore from others," he said.
A fraud of Rs 14,356 crore became exposed in the long stretch of February this year, and the bank, to this date, has struggled to limit the fallout, both on its financials and on its nation wide reputation.
Tuesday, 7 August 2018
PNB posts Rs. 940 crore loss in Q1
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