State-owned Punjab National Bank (PNB) has reported a loan fraud amounting to Rs 270.57 crore by Odisha-based Gupta Power Infrastructure Ltd. to the Reserve Bank of India (RBI).
According to PNB’s regulatory filing, the borrower fraud pertains to a non-performing asset (NPA) account and was reported to the RBI. The loan was sanctioned by the Station Square branch of PNB in Bhubaneswar.
The bank has already made full provisions amounting to Rs 270.57 crore, adhering to prescribed prudential norms.
Meanwhile, PNB reported a more than two-fold increase in net profit for the December quarter, posting Rs 4,508 crore compared to Rs 2,223 crore in the same period last year.
The company’s total income rose to Rs 34,752 crore from Rs 29,962 crore a year ago, while interest income climbed to Rs 31,340 crore from Rs 27,288 crore.
On the asset quality front, PNB’s gross non-performing assets (NPA) ratio improved to 4.09% from 6.24% a year earlier.