PNB reports Rs 270.57 cr fraud by Gupta Power Infrastructure to RBI
Mumbai: State-owned Punjab National Bank (PNB) has reported a fraud of Rs 270.57 crore involving Odisha-based Gupta Power Infrastructure Ltd to the Reserve Bank of India (RBI).
In a regulatory filing on Tuesday, PNB stated that the fraud pertains to a non-performing asset (NPA) account and was reported by its Station Square branch in Bhubaneswar.
The bank has already made provisions of Rs 270.57 crore in line with prudential norms.
Despite the fraud report, PNB posted a significant rise in financial performance for the December quarter, with net profit more than doubling to Rs 4,508 crore from Rs 2,223 crore a year ago.
Total income also surged to Rs 34,752 crore from Rs 29,962 crore, while interest income increased to Rs 31,340 crore from Rs 27,288 crore in the same period last year.
On the asset quality front, PNB's gross non-performing assets (NPA) ratio improved to 4.09% from 6.24% a year earlier.
State-owned Punjab National Bank on Tuesday reported a fraud of Rs 270.57 crore by Odisha-based Gupta Power Infrastructure Ltd to the Reserve Bank.
Borrowal fraud of Rs 270.57 crore has been reported to the Reserve Bank of India (RBI) in non-performing asset (NPA) account of Gupta Power Infrastructure Ltd, PNB said in a regulatory filing.
The loan was given by Station Square branch of the bank in Bhubaneswar, it said.
The bank has already made provisions amounting to Rs 270.57 crore, according to prescribed prudential norms.
For the December quarter, PNB posted more than two-fold jump in net profit to Rs 4,508 crore as against Rs 2,223 crore in the same quarter a year ago.
The company's total income increased to Rs 34,752 crore from Rs 29,962 crore in the same period a year ago, PNB said in a regulatory filing.
Interest income also rose to Rs 31,340 crore from Rs 27,288 crore in the same quarter a year ago.
On the asset quality front, the bank's gross non-performing assets ratio moderated to 4.09 per cent from 6.24 percent a year ago.
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