PNB edges higher after announcing lending rates based on marginal cost of funds

Punjab National Bank rose 0.59% to Rs 85.20 at 9:18 IST on BSE after the bank announced lending rates based on marginal cost of funds effective from today, 1 April 2016.

The announcement was made after market hours yesterday, 31 March 2016.

Meanwhile, the S&P BSE Sensex was down 53.76 points or 0.21% at 25,288.10.

On BSE, so far 28,000 shares were traded in the counter as against average daily volume of 8.44 lakh shares in the past two weeks. The stock hit a high of Rs 85.35 and a low of Rs 84 so far during the day. The stock had hit a 52-week low of Rs 69.40 on 17 February 2016. The stock had hit a 52-week high of Rs 180.50 on 17 August 2015.

The large-cap state-run bank has equity capital of Rs 392.72 crore. Face value per share is Rs 2.

Punjab National Bank's (PNB) Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 9.15%, for one month will be 9.2% and for three months will be 9.3%. The MCLR on 6-month loans will be 9.35% and for one-year loans the rate would be 9.4%, the bank said. MCLR for three-year loans would be at 9.55% and loans with five-year maturity would carry an MCLR of 9.7%, the bank said.

PNB is one of the three stocks excluded from the Nifty 50 index with effect from today, 1 April 2016.

PNB's net profit declined 93.4% to Rs 51.01 crore on 7.6% growth in total income to Rs 13891.20 crore in Q3 December 2015 over Q3 December 2014.

The Government of India held 62.08% stake in PNB (as per the shareholding pattern as on 31 December 2015).

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