Page 2 - Punjab National Bank

Buzzing stocks, July 5: PNB, Zomato, Ircon, Ujjivan SFB, Delhivery, UCO Bk

Stocks to Watch today, Friday, July 5, 2024: PNB's global loan book surged 12.7 per cent year-on-year (Y-o-Y) to Rs 10.3 trillion in the April-June quarter of FY25 (Q1FY25)

Process to select next Punjab National Bank chief to begin in July

Selection process for EDs in PSBs also starting soon

PNB to expand overseas footprint, to open representative office in Dubai

State-owned Punjab National Bank plans to open a representative office in Dubai, as part of its plan to expand its global footprint. The bank has got the board of directors' approval for opening a representative office in Dubai and the process is on for seeking regulatory clearance, PNB managing director Atul Kumar Goel told PTI. Hopefully, he said, the representative office should come up during the current financial year, if all regulatory approvals are in place. As on March 31, 2024, PNB had presence in six countries by way of two subsidiaries (London-UK and Bhutan), one joint venture (Nepal), two representative offices (Myanmar and Bangladesh). Talking about the strategy to improve profitability, he said, the focus would be on expanding retail, agriculture, MSME (RAM) portfolio, extending good corporate loans, controlling slippages and improving recovery. Besides, he said, the thrust would also be on improving the forex income and garnering higher fee income from selling ...

PNB MetLife appoints Sameer Bansal as MD, CEO; to succeed Ashish Srivastava

He joined the firm in 2007 and is currently serving as the Chief Distribution Officer

PNB to float Canara HSBC Life Insurance IPO, will divest 10% stake

Punjab National Bank (PNB) on Tuesday said it will sell 10 per cent stake in Canara HSBC Life Insurance Company by listing the insurer on the stock exchanges. Currently, PNB holds 23 per cent in the insurance firm. PNB's board in its meeting held today has accorded its approval for initiating the process of diluting 10 per cent stake of the bank in Canara HSBC Life Insurance Co Ltd, an associate company of the Bank, by listing the Company in Stock Exchanges (BSE/NSE) through Initial Public Offer (IPO). The decision is subject to regulatory approval, PNB said in a regulatory filing. HSBC and public sector Canara Bank are promoters of the life insurance company holding 26 per cent and 51 per cent, respectively. PNB is a shareholder with 23 per cent stake. Shares of PNB fell 15.80 per cent to close at Rs 115.35 on the BSE.

Legacy issues behind us, PNB on track to outperform competition: MD Goel

With legacy issues behind, Punjab National Bank (PNB) is on the right path to outpace the competition and achieve greater heights in terms of profitability during the current fiscal and subsequent years, the bank's managing director Atul Kumar Goel said. PNB topped the chart recording the highest profit growth of 229 per cent among the 12 public sector banks during the fiscal ended in March 2024. The bank's net profit increased over three-fold to Rs 8,245 crore compared to Rs 2,507 crore in the previous fiscal. Recalling the position of PNB three years ago, Goel said it was a laggard on many counts with one of the highest gross and net non-performing assets (NPAs) numbers among PSBs and Provision Coverage Ratio (PCR) was low. "Today you see my net NPA reduced to 0.7 per cent and even the PCR is more than 95 per cent. I am better than my peers," he told PTI in an interview. Going forward, he said, the net NPA would come down below 0.5 per cent and the net interest margin of around 3

Public sector banks' total profit jumps 35%, crosses Rs 1.4 trn in FY24

Public sector banks' cumulative profit crossed Rs 1.4 lakh crore in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of Rs 1 lakh crore. The 12 Public Sector Banks (PSBs) together had earned a net profit of Rs Rs 1,04,649 crore in 2022-23. Out of the total profit of Rs 141,203 crore earned during the FY24, market leader State Bank of India (SBI) alone contributed over 40 per cent of the total earnings, as per the published numbers on exchanges. SBI earned a profit of Rs 61,077 crore 22 per cent higher than the previous financial year (Rs 50,232 crore). In percentage terms Delhi-based Punjab National Bank had the highest net profit growth with 228 per cent to Rs 8,245 crore, followed by Union Bank of India with a 62 per cent rise to Rs 13,649 crore and Central Bank of India with a 61 per cent increase to Rs 2,549 crore. Among the banks which recorded over 50 per cent jump in net profit included Bank of India with a 57 per

No need to panic on draft infra guidelines: PNB MD & CEO Atul Kumar Goel

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

Punjab National Bank seeks to close institutional share sale in 6 mths: CEO

Punjab National Bank's board had in December approved a Rs 7,500 crore ($898 million) fund raise through equity capital

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