PremiumNew Delhi: Public sector lender Punjab National Bank (PNB) under-reported its non-performing assets by ₹2,617 crore for the fiscal year 2018-19, as per RBI's risk-assessment report.
In a regulatory filing on Saturday, PNB said the divergence in gross non-performing assets (NPAs) assessed by the central bank stood at ₹2,617 crore in FY19.
The divergence assessed by the RBI in net NPAs was also ₹2,617 crore for the fiscal.
Also, the divergence in provisioning for bad loans in FY19 was to the tune of ₹2,091 crore.
Consequently, based on the divergence assessed by RBI in provisioning for bad loans, PNB said it would have reported a net loss of ₹11,335.90 crore for FY19 as opposed to a net loss of ₹9,975.49 crore.
The bank said it reported gross NPAs of ₹78,472.70 crore, while as per RBI's assessment the figure was ₹81,089.70 crore.
Similarly, it reported net NPAs of ₹30,037.66 crore, compared to RBI's assessment of ₹32,654.66 crore.
Provisions for NPAs made by the bank in FY19 stood at ₹48151.15 crore but it needed to provide ₹50,242.15 crore.
Recently, market regulator Sebi made it mandatory for listed banks to disclose bad loan divergence within a day of receiving the risk assessment report from the RBI.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
