NATIONALTOP STORIES

PNB fraud amount of ₹11,360 crore is 8 times its FY17 profit

The fraud amount of ₹11,360 crore detected by PNB on Wednesday at a Mumbai branch is equivalent to 8.5 times the bank’s FY17 net profit of ₹1,325 crore. The amount is also 49 times its December quarter profit of ₹230 crore. It is also nearly one-third of the bank’s total market capitalisation of ₹35,365 crore.

The development is likely to have an impact on the bank’s March quarter profitability and/or income depending on the accounting loss and its capital strength which might look like a complete erosion of the capital it received from the government.

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