WION Web Team New Delhi, Delhi, India
Feb 05, 2019, 03.57 PM
Punjab National Bank (PNB) chairman Sunil Mehta said Tuesday that the state-run bank, which has been hit by India's biggest banking scam in 2018, had posted a quarterly profit helped by a sharp drop in provisions. PNB had been scammed of over Rs 13,000 crore by the jewellers Nirav Modi and his uncle Mehul Choksi.
"Our recovery for the first three quarters is Rs.16,000 crore, which is almost three times the recovery last year. This, in turn, has helped us in reducing our Gross NPA percentages from 18.32% to 16.33% right now," Mehta said Tuesday.
Sunil Mehta, Chairman Punjab National Bank (PNB): Our recovery for the first three quarters is Rs.16000 crore, which is almost three times the recovery last year. This in turn has helped us in reducing our Gross NPA percentages from 18.32% to 16.33% right now. pic.twitter.com/0vMvhTwqGa
Reacting to the matter of the recovery of fugitive liquor baron Vijay Mallya's assets. Mehta stated that the "recovery will be done as per legal procedures. The judicial process is still underway."
On Nirav Modi, Mehta noted that 100 per cent provisioning in the matter has been done. "It was completed till the third quarter," he added.
Sunil Mehta,Chairman PNB: Slippage in 1st quarter was Rs.5250cr, in 2nd quarter it was Rs.4470cr, in 3rd quarter it was Rs.3200cr. So, slippages in every quarter have reduced which reduces requirement of provisioning. It helped us in absorbing the loss that bank suffered in past pic.twitter.com/zZY5UMroFz