Page 8 - Punjab National Bank

Punjab National Bank has Rs 7,000 crore exposure to Adani Group: MD

Punjab National Bank has a total exposure of $859.30 million to Adani Group, but there is currently no worry pertaining to those accounts, the managing director and chief executive said

Punjab National Bank reports Q3 net profit down 44% to Rs 629 crore

Punjab National Bank (PNB) on Monday reported a 44 per cent decline in standalone net profit at Rs 629 crore in the third quarter ended December. The state-owned bank had earned a net profit of Rs 1,127 crore in the year-ago period. However, total income during October-December 2022 increased to Rs 25,722 crore as against Rs 22,026 crore in the year-ago period, PNB said in a regulatory filing. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 9.76 per cent as compared to 12.88 per cent at the end of third quarter of previous fiscal. At the same time, the net NPAs eased to 3.30 per cent as against 4.90 per cent in the same period a year ago. However, provisions for bad loans increased to Rs 3,908 crore during the quarter as against Rs 3,654 crore a year ago. The capital adequacy ratio rose to 15.15 per cent in the December quarter as against 14.91 per cent.

PNB raises Rs 582 cr through Basel III compliant Additional Tier-I bonds

Public sector lender Punjab National Bank (PNB) has raised Rs 582 crore by issuing bonds on a private placement basis. The bank has issued and allotted Basel III compliant Additional Tier I bonds at a coupon of 8.40 per cent per annum, aggregating to Rs 582 crore on a private placement basis, the bank said in a regulatory filing on Friday. The bank said the non-convertible taxable bonds will qualify as Tier I capital.

CBI books ex-PNB manager, 2 companies in Rs 168.59 crore fraud case

CBI on Thursday registered a case on complaint from Punjab National Bank (PNB) against its former manager, and others including two private companies, for allegedly committing a fraud of Rs 168.59 cr

Not part of any negotiations': UTI AMC on Tata acquisition reports

There were similar reports in August 2022 and UTI AMC had then denied having any knowledge about it

BS BFSI Insight Summit: India's biggest BFSI Summit to kick off on Dec 21

The country's biggest BFSI Summit will feature some of the most prominent voices in India's economic landscape, including RBI Governor Shaktikanta Das, Deputy Governors, and SBI chairman

Nirav Modi loses bid to go to UK Supreme Court against extradition to India

Fugitive jeweller and designer had fled India in early 2018, days before the details of his alleged role in large-scale fraud at the Punjab National Bank became public

Punjab National Bank plans Rs 1,000 cr AT-1 bond issue to shore up capital

The cost of paying coupon on tier-1 bonds, a form of debt, is less than servicing equity capital

Buoyed by firm demand, HDFC Bank mulls fresh Rs 5,000-cr Tier 2 bond sale

The quantum raised through Tier 2 bonds is set to rise much further in coming days as Axis Bank is slated to sell Rs 12,000 crore of such instruments on Friday

PSB index soars 3%; these three constituents have zoomed over 50% in 1 mth

In the past one month, the Nifty PSU Bank index has rallied 17.4 per cent as against a 2.1 per cent gain in the S&P BSE Sensex

Over Rs 12 crore swindled from Kozhikode Corporation accounts in PNB

Over Rs 12 crore have been swindled from several accounts of the Kozhikode Corporation in a Punjab National Bank here and the prime accused -- a former senior manager of the bank -- is still at large. The fraud came to light last month when the Corporation found huge sums of money missing from its various accounts in the PNB branch, an officer of Crime Branch wing of the police said. An FIR was immediately lodged and in view of the amount involved, of Rs 12.68 crore, the probe was transferred to the Crime Branch, the officer said. Initially, the Corporation believed that the swindled amount was over Rs 15 crore, but subsequently, its audits revealed that Rs 12.68 crore was missing from its accounts in the bank. Besides the Corporation, around Rs 18 lakh was also stolen, allegedly by the former bank manager, from the account of a private individual, the officer said. He said that their investigation has revealed that most of the money -- around Rs 10 crore -- was invested in the s

PNB plans to raise up to Rs 4,000 crore through issuance of tier-2 bonds

The latest round of fundraising by banks comes at a time when credit growth has shown sustained momentum even as growth in deposits continues to lag

UTI AMC, Punjab National Bank shares jump on the stake sale plans

The stake is valued at around Rs 1,437 crore at UTI AMC's last closing price of Rs 743.5

PNB surges 8% to hit 21-month high on govt's nod to divest stake in UTI AMC

PNB received the government's approval to divest its entire stake in UTI Asset Management Company (AMC) as part of its non-core asset sale plan and shore up its capital base.

Will the dream run continue for banks?

As the war for deposits escalates, the cost of money will rise and banks' NIM will be under pressure. Also, a few banks may invite trouble by aggressively growing their retail books without necessary

A step-by-step guide on withdrawing cash from ATM using UPI apps

Withdrawing without debit or credit cards reduces chances of transaction failure due to wrong PINs, or lost or stolen cards; note, however, that very few banks offer UPI-based withdrawals currently

PNB offers up to 7.85% interest rate on 600-day fixed deposit scheme

The city-based Punjab National Bank (PNB) on Friday announced a special fixed deposit scheme for 600 days, offering a higher interest rate up to 7.85 per cent per annum. This special rate of interest scheme has come to effect from October 19, 2022. "The bank is offering higher interest rates up to 7.85 per cent per annum," it said in a release. The scheme is applicable on single deposit term deposits below Rs 2 crore for senior (60 years and above) and super senior citizens (80 years and above). Bank's domestic term deposit of 600 days (callable) offers 7 per cent interest rates and 600 days (non-callable) yields 7.05 per cent per annum. Non-callable deposits are those with no option of premature withdrawal. For senior and super senior citizens, the rates range from 7.50-7.85 per cent. "Our aim is to offer the best-in-class schemes to our valuable customers and we are pleased to offer a higher interest rate to consumers so that they earn more on their saving. For further ease, o

Judgement a reminder that fugitives can't be considered above process: CBI

The High Court of London (United Kingdom) on Wednesday dismissed the appeal of Nirav Modi, who is wanted in India to face money laundering and fraud cases.

Nirav Modi loses appeal, UK rules suicide risk does not bar extradition

The 51-year-old fugitive diamond merchant has the option of further appeals in the UK and European courts and the process to bring him back to stand trial in India is unlikely to be a speedy one

PNB to transfer bad loans worth Rs 20,008 cr from 62 accounts to NARCL

NARCL has been set up by commercial banks to aggregate and consolidate stressed assets for their subsequent resolution