Page 7 - Punjab National Bank

FY24 to be golden year for Punjab National Bank due to steady focus: MD

The current financial year will be "a golden year" for Punjab National Bank due to its multi-pronged strategy and steady focus, its managing director Atul Kumar Goel has said. The state-owned bank's aim for FY24 is to adopt a multi-pronged strategy that seeks to build upon the existing synergies and capabilities to further scale up operational efficiency for facilitating sustainable and profitable growth, Goel said in his message to shareholders. "The strategy relies on increasing market share, which includes boosting both CASA (Current Account Savings Account) share and increasing credit offtake, especially in the RAM (Retail, Agriculture and MSME) segment; improving asset quality through increasing the rate of recoveries, minimising slippages, robust monitoring of special accounts to prevent their movement to the delinquent category and enhanced collections efficiency," he said. Besides, as per the annual report, the bank will focus on accelerating digital transformation with an .

PNB to raise funds via share sale under Employee Stock Purchase Scheme

State-owned Punjab National Bank (PNB) has proposed to raise funds from the sale of up to 15 crore shares under its Employee Stock Purchase Scheme (ESPS). At the current market price, PNB would raise up to Rs 780 crore from the scheme. The bank proposes to issue and allot up to 15 crore new equity shares of the face value of Rs 2 each, ranking pari passu with the existing equity shares for all purposes and in all respects, including payment of dividend, under an ESPS in one or more tranches, PNB said in a notice regarding the annual general meeting. The meeting will be held on June 30, according to the bank. PNB-ESPS would be issued at such price or prices, and on such terms and conditions as may be deemed appropriate by the board in such a way that the government shareholding does not come below 52 per cent. The government holding in the bank stood at 73.15 per cent as on March 31, 2023. In 2018, the bank raised Rs 500 crore from its employees under the staff stock purchase ...

CBI files case against IL&FS Transportation Network for defrauding 19 banks

The fraud done by IL&FS Transportation Network Ltd (ITNL) and its directors came to light in 2018 after the National Company Law Tribunal (NCLT) appointed a new board of directors

Surge in market valuations may give PNB, three other PSBs largecap status

Elevation expected during reclassification by Amfi next month

SBI slow in procurement from GeM portal; lags behind smaller counterparts

India's largest lender SBI was quite slow in procuring goods and services from government-owned GeM portal in 2022-23 and lagged behind smaller counterparts, including Canara Bank and Punjab National Bank, according to the government data. Canara Bank emerged as the largest buyer among the state-owned lenders in 2022-23, making total purchases of Rs 592.82 crore from the portal, the data showed. Punjab National Bank (Rs 164.57 crore) was the second largest, followed by Indian Overseas Bank (Rs 159.82 crore), State Bank of India (Rs 158.22 crore), Indian Bank (Rs 111.59 crore), Bank of India (Rs 63.81 crore), Bank of Baroda (Rs 48.63 crore), Union Bank of India (Rs 37.03 crore), Bank of Maharashtra (Rs 10.26 crore), Punjab and Sind Bank (Rs 9.98 crore), UCO Bank (Rs 5.30 crore) and Central Bank of India (Rs 4.54 crore) in 2022-23. The SBI did not respond to an email query on the subject. The GeM portal was launched on August 9, 2016, for online purchasing of goods and services by al

PNB Q4 net profit jumps fivefold to Rs 1,159 crore as interest income rises

Net NPAs stood at 2.72 per cent from 4.80 per cent a year ago and 3.30 per cent a quarter ago

Sensex ends 298 pts up, Nifty reclaims 18,200 led by Adani, auto, IT stocks

Stock Market Live on May 19, 2023: NTPC, Power Grid, Punjab National Bank, JSW Steel, Zomato, Glenmark Pharma and Delhivery will be on the radar ahead of their Q4 nos

PNB Q4 results: Net profit jumps over five-fold to Rs 1,159 crore

In the whole year, however, the standalone net profit was down over 27 per cent to Rs 2,507.20 crore

Govt panel may draft list of small public sector banks for privatisation

The panel is likely to have officials from the Department of Investment and Public Asset Management, the Reserve Bank of India, and the NITI Aayog

ACC, Nykaa, HDFC AMC and Muthoot Fin likely to be dropped from Nifty 100

Jindal Steel and Power, Punjab National Bank, TVS Motor, Tube Investments and Zydus Lifesciences are expected to get added to the index

PNB to infuse Rs 72.82 cr in its Bhutan subsidiary Druk via rights issue

State-owned Punjab National Bank on Thursday said it proposed to infuse Rs 72.82 crore in its Bhutan subsidiary Druk PNB Bank Ltd via a rights issue. The board has approved participation in the proposed rights issue of Druk PNB Bank Ltd (DPNBL), an overseas subsidiary of the bank, for an amount of Rs 72,82,80,000, PNB said in a regulatory filing. PNB holds 51 per cent in the subsidiary as of now. DPNBL was incorporated on December 31, 2008, with FDI participation, it said. The indicative time period for completion of the rights issue is by the end of August 2023, it noted. The proposed rights issue of DPNBL of Bhutan is at a premium of Rs 7 (face value of Rs 10) -- Rs 17 per share, the filing said. After participation in the proposed rights issue of DPNBL, the Bank's shareholding will remain the same at 51 per cent.

Punjab National Bank to raise $1.5 bn through bonds in one or two tranches

Indian state-run lender Punjab National Bank said on Wednesday it would raise up to 120 billion rupees ($1.46 billion) in one or two tranches, through the issue of bonds

PNB raises Rs 974 cr via AT1 bonds against indicative amount of Rs 2,000 cr

Hardening yields drives decision to raise lower amounts; Bond market sources said coupon was firmed up at 8.75%

Indian banks resilient; AT1 bond market to remain unaffected: Report

During FY23, HDFC Bank was the only private sector lender that raised capital using AT1 bonds

PNB, IOB, DCB bank to offer AT1 bonds; may have to offer premium rates

It is important to note that AT1 bonds are unsecured, perpetual bonds that banks issue to improve their core capital base

Bank stocks can slide more; stay away for now: Analysts

Analysts expect the underperformance in bank stocks to continue ahead as the current fears around the banking sector globally are likely to persist for some time

PNB signs deal with warehousing body for financing against e-NWR

Partnership will give farmers information about negotiable instrument meant to assist rural economy

Slippages will gradually dip every quarter: PNB chief Atul Kumar Goel

In a Q&A, the lender's MD & CEO says the bank's NPA ratio could improve further as it doesn't have any large loan that needs to be regarded as bad

PNB hikes FD interest rates by up to 30 basis points; check latest rates

Additionally, for FDs maturing between two and three years, the interest rates have been increased by 25 bps to 7% from 6.75%

'No worry': Punjab National Bank allays concerns about Adani group exposure

Bank reports 44.2% decline in Q3 net profit as NPA provisions, costs rise