Page 3 - Punjab National Bank

Mehul Choksi held in Belgium: Timeline of events leading to his arrest

Fugitive diamantaire Mehul Choksi has been arrested in Belgium for his alleged involvement in the ₹13,850 crore PNB bank loan fraud case

Mehul Choksi arrested in Belgium: What was his alleged role in PNB scam?

The ₹13,850 crore PNB fraud was carried out between 2014 and 2017, involving fake LoU to secure overseas credit for firms linked to Mehul Choksi and Nirav Modi. Here's what you need to know

PNB, CSB and several banks see credit growth outpace deposits in Q4

Sequentially, advances grew 2.4 per cent, while deposits grew by 1.7 per cent, the bank said in its quarterly update

Have sufficient liquidity to support growth: PNB MD & CEO Ashok Chandra

We will take initiatives on Casa next financial year, says Ashok Chandra

PNB reports Rs 270.57 cr loan fraud by Gupta Power Infrastructure

State-owned Punjab National Bank on Tuesday reported a fraud of Rs 270.57 crore by Odisha-based Gupta Power Infrastructure Ltd to the Reserve Bank. Borrowal fraud of Rs 270.57 crore has been reported to the Reserve Bank of India (RBI) in non-performing asset (NPA) account of Gupta Power Infrastructure Ltd, PNB said in a regulatory filing. The loan was given by Station Square branch of the bank in Bhubaneswar, it said. The bank has already made provisions amounting to Rs 270.57 crore, according to prescribed prudential norms. For the December quarter, PNB posted more than two-fold jump in net profit to Rs 4,508 crore as against Rs 2,223 crore in the same quarter a year ago. The company's total income increased to Rs 34,752 crore from Rs 29,962 crore in the same period a year ago, PNB said in a regulatory filing. Interest income also rose to Rs 31,340 crore from Rs 27,288 crore in the same quarter a year ago. On the asset quality front, the bank's gross non-performing assets ratio

PNB scam: Court allows auction of properties owned by Mehul Choksi's firm

A special court in Mumbai on Thursday allowed the auction of 13 properties of Gitanjali Gems Limited, a firm of fugitive diamond trader Mehul Choksi, the prime accused in the Punjab National Bank (PNB) loan fraud case. Judge S M Menjoge of the special court hearing cases related to the Prevention of Money Laundering Act (PMLA), while allowing the official liquidator's plea, held that if the properties are kept idle without maintenance then it will definitely reduce the value. These properties are: seven flats in Kheni Tower in Mumbai's Santacruz, a commercial unit in Bharat Diamond Bourse, four office units at Diamond Park in Gujarat's Surat and a shop there. The liquidator had last week moved a plea, seeking to get a valuation of these properties which are not secured and later sell them by way of auction. The Enforcement Directorate (ED), in its response, had said that it has no objection if the plea was allowed. The court then ruled that after undertaking the valuation process,

Punjab National Bank eyes $1.96 billion bad loan recovery in FY25, says CEO

PNB's asset quality has improved over the last two years, after a debilitating corporate bad loan cycle between 2011 and 2019

May not need to move NCLT over MTNL loan account: PNB MD, CEO Ashok Chandra

The state-owned lender on Friday reported a 102.8 per cent year-on-year increase in net profit at Rs 4,508 crore for Q3FY25

PNB Q3FY25 results: Net profit rises 102% to Rs 4,508 cr, NII up 7.2%

The bank's net interest income (NII) grew 7.22 per cent Y-o-Y to Rs 11,032 crore in Q3

PNB Q3 result: Profit more than doubles to Rs 4,508 cr, income Rs 34,752 cr

State-owned Punjab National Bank (PNB) on Friday posted more than twofold jump in net profit at Rs 4,508 crore for the third quarter ended December 2024. The bank had earned a net profit of Rs 2,223 crore in the same quarter a year ago. Total income increased to Rs 34,752 crore from Rs 29,962 crore in the same period a year ago, PNB said in a regulatory filing. Interest income also rose to Rs 31,340 crore from Rs 27,288 crore. On the asset quality front, the bank's gross non-performing assets ratio moderated to 4.09 per cent from 6.24 per cent a year ago. Similarly, net NPAs, or bad loans, came down to 0.41 per cent from 0.96 per cent at the end of the third quarter last fiscal. As a result, provisions for bad loans came down significantly to Rs 318 crore during the quarter from Rs 2,994 crore a year ago.

PNB sees robust growth in deposits in Q3FY25; CSB Bank logs over 20% growth

South Indian Bank saw its advances outpace deposit growth in Q3FY25

Mehul Choksi's Rs 2,565.9 crore properties set for auction after court nod

A Mumbai court has approved the auction of Mehul Choksi's Rs 2,565.9 crore assets, seized by the ED in the PNB fraud case. The assets, including flats and factories, will now be liquidate

We may lend to a telco if it gets AAA rating: PNB MD & CEO Atul Kumar Goel

Goel discussed the public sector lender's latest quarterly results and its expansion plans

PNB Q2 results: PAT jumps to Rs 4,306 cr, total income at Rs 34,447 cr

Punjab National Bank (PNB) on Monday reported more than two-fold jump in its profit at Rs 4,306 crore in the second quarter ended September 2024. The state-owned lender had earned a net profit of Rs 1,756 crore in the same quarter in the previous financial year. Total income increased to Rs 34,447 crore during the quarter under review against Rs 29,383 crore in the same quarter last year, PNB said in a regulatory filing. The bank reported an interest income of Rs 29,875 crore during the quarter, higher than Rs 26,355 crore in the same period a year ago. As regards asset quality, the bank witnessed improvement with gross Non-Performing Assets (NPAs) declining to 4.48 per cent of the gross loans by the end of September 2024 from 6.96 per cent a year ago. Similarly, net NPAs or bad loans moderated to 0.46 per cent from 1.47 per cent at the end of the second quarter of the previous fiscal. On a consolidated basis, the bank's profit more than doubled to Rs 4,714 crore as against Rs 1,

PNB credit card offers discounts and cash backs for festival season

Cardholders may get discounts on consumer durables, travel bookings, eating out, food and grocery deliveries

13 candidates in fray for PNB top job; FSIB may hold interviews next month

Among the contenders are two executive directors (EDs) from Bank of Baroda, one ED each from Union Bank of India, Indian Overseas Bank, and Canara Bank, and several deputy MDs from SBI

PNB fixes floor price of Rs 109.16 per share for its share sale via QIP

State-owned Punjab National Bank (PNB) on Monday fixed a floor price of Rs 109.16 per share for its share sale through qualified institutional placement (QIP). The bank had taken board approval last year for raising up to Rs 7,500 crore via share sale in one or more tranches during 2024-25. The board approved and adopted the preliminary placement document together with the application form in connection with the issue, PNB said in a regulatory filing. It also approved the floor price Rs 109.16 per share based on the pricing formula as prescribed under Regulation 176 of the Sebi ICDR Regulations, it said. The bank may offer a discount of not more than 5 per cent on the floor price so calculated for the issue, it said. The issue price will be determined by the bank in consultation with the book running lead managers appointed in relation to the issue, it added.

Karnataka govt retracts order against SBI, PNB after Rs 22.67 cr repayment

In August, the Karnataka government issued a directive to all departments, boards, corporations, universities, local authorities, and PSUs to discontinue ties with the two banks

Karnataka govt pauses decision for 15 days on PNB and SBI request

The statement further noted that on August 16, 2024, both banks submitted written representations to the government, requesting an additional 15-day period to resolve the matter

SBI, Punjab National Bank in talks with Karnataka to resolve issues

One incident involved PNB's Rajajinagar branch, where the Karnataka State Industrial Board had fixed deposits of approximately Rs 25 crore, but PNB released only Rs 13 crore on maturity