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( As on 13/09/2021 11:05)

PNB board OKs Rs 6k-cr fund raising

Punjab National Bank (PNB) said that its board has approved raising upto Rs 6000 crore through issue of Basel III compliant AT-1 bonds or Tier II bonds or a combination of both, in one or more tranches.

PNB is a public sector banks. As on 30 June 2021, the bank has 10,641 number of branches. The government of India held 73.15% stake in the bank as on 30 June 2021.

The public sector bank reported 232.1% increase in standalone net profit to Rs. 1,023 crore in Q1 FY22 from Rs 308 crore in Q1 FY21. Total income stood at Rs 22,515 crore during Q1 FY22, down by 7.3% from Rs 24,293 crore during Q1 FY21.