PNB gains on incorporating new entity for credit card biz

Punjab National Bank (PNB) rose 1.44% to Rs 38.85 after the bank said that it incorporated a wholly-owned subsidiary PNB Cards & Services on 16 March 2021.

The subsidiary has been incorporated to undertake the non-financial support services related to credit card business of the bank.

The authorized capital of PNB Cards & Services is Rs 25 crore (divided into 2.50 crore equity shares of Rs 10 each) and the paid-up capital is Rs 15 crore (divided into 1.50 crore equity shares of Rs 10 each).

PNB is a public sector bank. The Government of India held 76.87% stake in the bank as on 31 December 2020.

 

The public sector bank posted a net profit of Rs 506.03 crore in Q3 FY21 compared with net loss of Rs 492.28 crore in Q3 FY20. Total income during the quarter grew by 45.9% YoY to Rs 23,298.53 crore.

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