Page 5 - Punjab National Bank

PNB Q4 result: Profit jumps nearly three-fold to a 16-quarter high

PNB's Net Interest Income (NII) increased to Rs 10,363 crore in Q4 FY24 from Rs 9,499 crore in Q4 FY23, showing an improvement of 9.1 per cent

PNB Q4 results: Profit surges 160% to Rs 3,010 crore, gross NPAs at 5.7%

Punjab National Bank Q4FY24 results: The board recommended a dividend of Rs 1.50 per equity share of face value of Rs 2 each for the financial year 2023-24

PNB reports 11.5% loan growth in quarter ending March, BoB's up by 12.4%

State-owned Punjab National Bank (PNB) on Friday said it has posted a credit growth of 11.5 per cent at Rs 9.85 lakh crore for the March quarter. Total advances were Rs 8.84 lakh crore at the end of March 31, 2023, PNB said in a regulatory filing. The lender reported a 7 per cent increase in total deposits to Rs 13.70 lakh crore as against Rs 12.81 lakh crore at the end of the fourth quarter of the previous financial year. Total business of the bank rose 8.8 per cent to Rs 23.56 lakh crore as compared to Rs 21.65 lakh crore at the end of March 31, 2023. The Credit Deposit (CD) ratio increased to 72 per cent at the end of March 31, 2024 as against 69.1 per cent in the year-ago period. Another public sector lender Bank of India reported a credit growth of 13.56 per cent at Rs 5.86 lakh crore for the March quarter. The outstanding credit was Rs 5.15 lakh crore at the end of March 31, 2023, Bank of India said in a separate regulatory filing. The total deposit of the bank rose 10.20

PNB Housing Finance stock rises 19.11% on the first trading day of FY25

ICRA said the rating action factors in the sustained improvement in the company's credit profile, driven by improved asset quality metrics and the strengthened capitalisation profile

Punjab National Bank raises Rs 1,859 crore in capital via AT-I bonds

Rating agency ICRA has assigned an "AA+" rating to the AT1 bonds of PNB

ED attaches assets worth Rs 367 crore in Bhushan Steel 'bank fraud' case

The Enforcement Directorate (ED) on Friday said it has attached immovable assets worth Rs 367 crore in Delhi, Mumbai, Kolkata and some cities in Odisha as part of a money-laundering probe linked to an alleged bank-loan fraud against Bhushan Steel Limited (BSL). A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the assets that were held "in the name of benamidars/shell entities through dummy directors so as to conceal them and to ensure that they are out of the reach of law enforcement agencies", the ED has said in a statement. After completing the corporate insolvency resolution process (CIRP), BSL was taken over by Tata Steel Limited in 2018. The ED has accused BSL, its managing director Neeraj Singal and associates of forming "several shell companies". "They rotated funds from one company to another through a chain of multiple entities. The funds were circulated to infuse capital, buy property and for other personal purposes not ...

MSCI rebalancing exercise likely to drive $1 billion in domestic stocks

Despite the positive trigger, shares of NHPC, NMDC, PNB and Bhel fell sharply on Monday amid a broad-based selling in shares of PSUs

PNB Recruitment 2024: Registrations for 1,025 Specialist Officer posts soon

Punjab National Bank (PNB) has announced a recruitment notice for the PNB SO posts on the official website. The registration process will begin on February 7 and go on until February 25, 2024

PNB enters top 50 most-valuable stocks' club; overtakes BOB in market cap

PNB is trading at its highest level since February 2018. In the past seven trading days, it has surged 27 per cent

PNB: Upsides capped as strong Q3 show, outlook reflected in valuations

Net interest income grew 12% YoY to Rs 10,300 crore as net interest margins improved 4 basis points QoQ to 3.15%

Punjab National Bank raises profit guidance to Rs 7,500 crore for FY24

With a 253 per cent jump in the net profit in the third quarter, the bottom line of the bank in the three-quarters of FY24 crossed Rs 5,230 crore

Punjab National Bank Q3 profit jumps over three-fold to Rs 2,223 cr

State-owned Punjab National Bank (PNB) on Thursday posted an over three-fold increase in its profit to Rs 2,223 crore for the third quarter ended December 2023. The bank had earned a net profit of Rs 629 crore in the same quarter a year ago. Its total income increased to Rs 29,962 crore during the quarter under review against Rs 25,722 crore in the same period last year, PNB said in a regulatory filing. The bank's interest income rose to Rs 27,289 crore compared to Rs 22,384 crore in the third quarter of the previous fiscal. Its gross non-performing assets (NPAs) declined to 6.24 per cent of the gross loans at the end of December 2023 from 9.76 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.96 per cent from 3.30 per cent at the end of the third quarter of the previous fiscal.

SJVN secures Rs 10,000 cr construction finance facility from banks

State-owned SJVN Ltd has secured Rs 10,000 crore construction finance facility to fund its upcoming renewable energy projects from a group of leading domestic and international lenders. The construction finance facility is a unique and first-of-its-kind transaction undertaken by a PSU entity and Public Sector Banks, a company statement said on Friday. According to the statement, SJVN has secured Rs 10,000 crore (USD 1.2 billion) construction finance facility to fund its upcoming renewable power projects from a group of leading domestic and international lenders. SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN Ltd, undertook this initiative in association with SBI Capital Markets Ltd (SBI CAPS). SBI CAPS acted as the sole advisor and arranger for the transaction on behalf of SGEL. Construction finance attracted a tremendous response from lenders and was over-subscribed. After detailed discussions and deliberations, proposals from five banks -- Deutsche Bank, Sta

PNB soars 6% on heavy volumes; stock has more-than-doubled since April

Thus far in the month of December, PNB has appreciated by 25% on consistent improvement in headline asset quality metrics, and steady reduction in fresh slippages over the recent past.

The good and not so good of Indian banking story

The drop in provisions is a healthy sign - 21 of 32 listed banks have less than 1% net NPAs. But their CASA and NIM are under pressure

Jindal Stainless, PNB among four stocks to enter MSCI global index in Feb

A slide in shares of Indraprastha Gas and Petronet LNG could increase the risk of their expulsion from the MSCI index

Choksi denied intervening in bank's plea seeking release of properties

A special court here on Wednesday rejected absconding diamond merchant Mehul Choksi's application seeking to intervene in an application filed by the ICICI Bank for the release of certain mortgaged properties worth Rs 636 crore. Choksi, an accused in the Rs 13,500 crore Punjab National Bank (PNB) scam, is currently living in Antigua in Barbados. The ICICI Bank has sought release of certain properties mortgaged with it. His intervention application took objection to the release of his flats in south Mumbai and a bungalow in Alibaug, attached by the Enforcement Directorate during its probe, in the bank's favour. But special judge for the Prevention of Money Laundering Act cases S M Menjoge said the bank had not sought these properties. The properties which the ICICI Bank was seeking were not owned by Choksi personally but by different companies, hence, he had no right to intervene, the court said. The Central Bureau of Investigation (CBI) and Enforcement Directorate are ...

NCLAT dismisses PNB's plea against Sterling Biotech sale to US-based firm

The National Company Law Appellate Tribunal has set aside the plea of a UK-based subsidiary of Punjab National Bank against the NCLT order, approving the sale of Sterling Biotech to US-based food technology startup Perfect Day. The Mumbai bench of the National Company Law Tribunal (NCLT) on November 11, 2022, approved a Rs 638 crore bid of Perfect Day in an auction conducted by the liquidator of Sterling Biotech under the Insolvency & Bankruptcy Code. However, this was challenged by Punjab National Bank (International) Ltd, a stakeholder in Sterling Biotech, before the appellate tribunal National Company Law Appellate Tribunal (NCLAT), contending that the value of the Corporate Debtor was much higher than the one mentioned in the e-Auction notice. It had prayed to stay the auction process, direct the liquidator to maintain the status quo and invite fresh bids. According to the PNB's subsidiary, the value of Sterling Biotech was much higher than Rs 548.46 crore mentioned in the ...

PNB Housing Finance launches first all-woman branch at Chennai's Tambaram

PNB Housing Finance, the third largest housing finance company in India, launched its first all-woman branch in the country at Tambaram here on Monday. The inauguration also marks the company's 100th affordable-focussed branch in the country dedicated to offering housing finance solutions at reasonable rates to customers through its scheme Roshni. The affordable segment scheme offers loans ranging from Rs 5 lakh to 35 lakh for home buying, home expansion and renovation, plot purchases, and loans against property. PNB Housing Finance MD & CEO Girish Kousgi along with its Independent Directors Gita Nayyar and R Chandrasekaran participated in the programme. "With this inauguration, PNB Housing Finance has strengthened its commitment towards gender diversity and women empowerment. By establishing an all-woman branch, it aims to create a unique and supportive environment where women can flourish in both professional and personal spheres of life and contribute to the economic progress ..

RBI slaps penalty on PNB, Federal Bank, 2 other entities for non-compliance

The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India Private Ltd (formerly known as Daimler Financial Services India Private Ltd) for non-compliance with certain provisions of the Know Your Customer (KYC) Direction, 2016. The penalty on Punjab National Bank has been imposed for non-compliance with certain provisions related to 'interest rate on advances' and 'customer service in banks', Reserve Bank of India (RBI) said in a release. Federal Bank has been penalised for contravention of certain provisions of KYC norms, the central bank said in another release. The RBI also said a monetary penalty of Rs 13.38 lakh has been imposed on Kosamattam Finance Ltd, Kottayam, for non-compliance with certain provisions of the 'Non-Banking Financial Company