Punjab National Bank to raise Rs 3,200cr from share sale in current quarter
The state-owned bank has raised Rs 3,788.04 crore from QIP in December PNB had taken permission to raise Rs 14,000 crore through a mix of debt and equity, and according to the plan, decided to raise Rs 3,000 crore from AT-1 bonds, Rs 4,000 crore from Tier-II bonds, and Rs 7,000 crore from QIP. PNB on Friday reported a standalone net profit of Rs 506.03 crore for the December quarter on the back of a reduction in bad assets. It had posted a net loss of Rs 492.28 crore in the year-ago period. Total income in the quarter under review rose to Rs 23,298.53 crore as against Rs 15,967.49 crore earlier. On the outlook, Rao said, the bank expects to close the current financial year with annual profit of Rs 2,000 crore.