The state-run bank informed on Tuesday that the NPA account IL&FS Transportation Network (ITNL) with outstanding dues of Rs 149.98 crore has been declared as fraud.
The bank said it has reported it to the RBI on Tuesday as per regulatory requirement. The account has been fully provided for as per existing RBI norms, the bank said.Shares of Punjab & Sind Bank hit an upper circuit of 5% at Rs 17.60 on BSE.
On a standalone basis, Punjab & Sind Bank reported a net loss of Rs 2,375.53 crore in Q3 December 2021 as compared with a net loss of Rs 255.49 crore in Q3 December 2020. Net sales declined 4.5% to Rs 1,982.52 crore in Q3 December 2020 over Q3 December 2019.
The PSU lender's business segments include treasury operations, corporate/wholesale banking, retail banking and other banking operations. The bank offers international banking and domestic banking services.
As of 31 December 2020, the Government of India held 83.06% stake while Life Insuarnce Corporation of India held 5.99% stake in the bank.
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