Public sector bank Punjab National Bank (PNB) has reported a fraud of Rs 270.57 crore by Odisha-based Gupta Power Infrastructure Ltd to the Reserve Bank of India (RBI).
The fraud pertains to a loan account that has now become a non-performing asset (NPA), the bank stated in a regulatory filing. The loan was disbursed by the bank’s Station Square branch in Bhubaneswar, PTI reported.
PNB has already made provisions for the full amount of Rs 270.57 crore as per the required prudential norms.
In its earnings for the December quarter, PNB posted a substantial increase in net profit, more than doubling to Rs 4,508 crore, compared to Rs 2,223 crore in the same quarter last year. The bank's total income rose to Rs 34,752 crore from Rs 29,962 crore in the same period last year, with interest income climbing to Rs 31,340 crore from Rs 27,288 crore.
Regarding asset quality, PNB's gross non-performing asset (NPA) ratio improved to 4.09% from 6.24% a year ago.
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