Why did the profits of PNB drop so sharply in the fourth quarter?

Punjab National Bank net profits for Q4FY22 fell by 66% yoy to Rs201 crore. This was on account of a provision of Rs.325 crore set aside for fraud related losses. It may be recollected that PNB has to make provisions for Rs.1,303 crore for fraud related losses but it has sought deferral from RBI and provided only part of the fraud loss. Revenues were marginally lower at Rs21,386 crore. Gross NPAs improved from 14.12% to 11.78%.