UCO Bank, in its filing on BSE, reported an exposure of $412mn i.e. ~Rs2,633cr in the Punjab National Bank fraud case. UCO Bank’s Hong Kong branch has been negotiating export documents against letters of credit issued through authenticated SWIFT messaging by Punjab National Bank.
Applications for these letters of credit include some of the corporate clients associated with the PNB fraud, which has an outstanding exposure of $411.8mn.
As per the filing made by the bank, it is confident to receive payment from Punjab National Bank. The cumulative fraud of Punjab National Bank amounts to $1,771.69mn.
The gross NPA of UCO Bank stood at ~Rs25,382cr with GNPA ratio of 20.64% as on December 31, 2017.
UCO Bank is currently trading at Rs26.3, down by Rs2.1 or 7.39% from its previous closing of Rs28.4 on the BSE.
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