A year after $2-bn Nirav Modi fraud, PNB on road to annual profits in FY20

One year after being hit by a $2 billion scam, Punjab National Bank (PNB) is set to return to annual profits and strong loan growth in fiscal 2020 even as investigations continue into the country's biggest banking fraud. State-run PNB has already surprised markets with an earlier-than-expected profit for the quarter ended Dec. 31 as it completed setting aside funds to cover for the scam and its bad loan levels eased.

While the lender is still likely to post a loss of Rs 59.84 billion ($837.16 million) for this fiscal year ending.

This article is no longer available in our repository.

There could be multiple reasons for this.