PNB reported a divergence of Rs 2,617 crore, stock slips

On Saturday, the government-owned Punjab National Bank informed the bourses about RBI’s risk assessment report for the period of April 1, 2018, to March 31, 2019.

According to this assessment report, the bank had under reported its gross NPAs by Rs 2,617 crore. Its reported that the gross NPAs for FY19 were Rs 78,472.70 crore while the same number assessed by the bank was at Rs 81,089.7 crore. Also, divergence in Net NPAs was Rs 26,17 crore.

In terms of provision, the bank reported Rs 48,151.15 crore, whereas, as per RBI’s assessment the provision for NPA is Rs 50,242.15 crore, which suggests a divergence of Rs 20,91 crore.

With this divergence adjusted, the net loss stands at Rs 11,335.90 crore against Rs. 9,975.49 crore earlier.

With this negative development, the stock of Punjab National Bank dipped nearly 3 per cent to an intra-day low of Rs 62.65 against the previous close of Rs 64.45. At 12.06 hours, the stock was trading at Rs 63.45 apiece, down by 1.55 per cent from the previous close.