Page 3 - Punjab National Bank

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

Stocks to Watch today: RIL, Voda Idea, SBI, Adani, TTML, Jaiprakash Power

Stocks to Watch on Friday, October 27, 2023: Tata Sons, the holding company of the Tata group, will have to infuse an additional Rs 2,055 crore in its loss-making subsidiary Tata Teleservices

Punjab National Bank profit zooms 327% to Rs 1,756 crore in Q2FY24

NII expanded by 29 per cent year-on-year to Rs 9,923 crore in Q2FY24. Sequentially, NII rose from Rs 9,544 crore in Q1FY24

PNB Q2 results: Net profit surges 327% to Rs 1,756 cr, gross NPAs at 6.9%

PNB Q2 results: The bank's gross non-performing assets (NPAs) fell to 6.96% as of September 30, as compared to 7.73% in the previous quarter

PNB hits over 4-year high, zooms 33% in 1 month; mcap nears Rs 1 trillion

At 02:55 PM, PNB's market cap stood at Rs 90,048 crore

REC partners with PNB to finance projects in logistics, power, infra

The two entities will jointly finance loans worth Rs 55,000 crore, REC said in a statement.

Lenders likely to hike deposit rates up to 25 bps this festival season

Only those with asset-liability management mismatch would consider upward rate revisions

As credit growth outpaces deposits, banks may increase interest on FD

Bank deposits have gone up by 6.6 per cent to reach Rs 149.2 trillion during the April-August 2023 period, whereas the credit growth for the same period was 9.1 per cent

PNB introduces CBDC-UPI interoperability for seamless transactions

State-owned Punjab National Bank (PNB) on Tuesday announced the launch of Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) interoperability feature in its digital rupee mobile application. This move is in line with the RBI's CBDC pilot project and unleashes a new potential in India's payment ecosystem, PNB said in a statement. PNB customers can now use the PNB digital rupee app to scan the UPI QR code for payment to their merchants or complete a transaction at a merchant outlet, it said. Even if the merchants do not have a CBDC Wallet, PNB digital rupee app users can utilise their CBDC wallets to conduct transactions on the UPI QR of these merchants, it added. The app with this new functionality is currently available for Android users on the Play store and will also be made live for iOS users, it said.

PNB launches app to enable MSMEs access instant loans using GST invoices

State-owned Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an endto-end digital product under which lending can be done using GST invoices. With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices, the bank said in a statement. The initiative is also in line with the bank's strategy to further the development of the MSME sector and digital credit ecosystem in the country. The PNB GST Sahay App makes the entire loan process digitised and helps eliminate any manual intervention for borrowers and makes the process more cost-effective, fast, and smooth, it said. Through this service, the loan amount will be directly credited into the borrower's current account with the bank. Speaking at the launch of PNB GST Sahay App, the bank's MD Atul Kumar Goel said, "our bank has been a pioneer in serving top industrialists as well as the masses and provid

ACC, HDFC AMC, three other companies to be excluded from Nifty Next 50

Five firms, including ACC Ltd, HDFC Asset Management Company and FSN E-Commerce Ventures that runs Nykaa, will be dropped from Nifty Next 50 index from September 29. NSE Indices Ltd, an arm of the National Stock Exchange, on Thursday said that Indus Towers and Page Industries will also be dropped from the index. Punjab National Bank, Trent, Sriram Finance, TVS Motor Company, and Zydus Lifesciences will be included in the Nifty Next 50 index, NSE Indices said in a statement. NSE Indices' Index Maintenance Sub-Committee (IMSC) decided to make the changes with effect from September 29 as a part of a semi-annual review. In addition, changes have been announced in several indices -- Nifty 500, Nifty 100, Nifty Midcap 150, Nifty Small Cap 250, Nifty Midcap 50, Nifty Midcap 100, Nifty Smallcap 50, and Nifty Smallcap 100. However, no changes were announced in the NSE's benchmark index Nifty 50. NSE Indices also revised the eligibility criteria for several sectoral indices, including Nift

PNB Q1 Result: Net soars 307% to Rs 1,255 crore on interest income

Sequentially, the net profit of the Delhi-based public lender jumped 8.3 per cent from Rs 1,159 crore reported in the 2022-23 January-March quarter