India’s second largest public sector lender and fourth largest by assets, Punjab National Bank (PNB), reported a loss of Rs 13,417 crore in the quarter ended March mainly due to a significant rise in bad loans and provisioning. This is the highest quarterly loss posted by any Indian bank so far. In the year-ago period, the bank had posted a profit of Rs 262 crore.

For the full year, PNB reported a loss of Rs 1.22 lakh crore as against a profit of Rs 13,248 crore in the previous financial year.

The bank, reeling in the aftermath of the Rs 14,357 crore Nirav Modi fraud, saw its asset quality deteriorate in the final quarter of FY18. Gross non-performing assets (NPAs) rose 56% to Rs 86,620 crore from Rs 55,370 crore a year ago. Net NPAs too shot up significantly, rising 48% to Rs 48,684 crore from Rs 32,702 crore in the previous year. Gross NPA ratio in the quarter increased to 18.38% from 12.52%.

The bank’s provisioning saw a sharp increase due to worsening asset quality. Provisioning for NPAs stood at Rs 20,353 crore in the quarter, a whopping 230% up from Rs 4,910 crore in the previous year. Sequentially, the rise in provisioning was greater, recording a 440% jump from Rs 2,990 crore in the third quarter of FY18.

The bank in a statement said the total amount involved in the Nirav Modi fraud case is now Rs 14,357 crore, which also includes outstanding amounts under other credit facilities. The statement also mentioned that PNB will make payments to the banks concerned on the due dates of the LoUs in question. PNB went on to say that it has made higher than required provisions of 50% amounting to Rs 7,178 crore for its exposure with respect to this particular case and that it will make the remaining 50% provision over the first three quarters of the current financial year.

PNB’s stock closed at Rs 86 on the BSE, 3.8% lower than the previous day’s close while the Sensex closed at 35,543.94, .04% down. The stock has fallen nearly 50% since January 1 2018.