The board of Punjab National Bank (PNB) will meet on Thursday to firm up its fundraising plan for 2024-25. The fundraising will be through permitted mode(s) or a combination of them during the next fiscal, PNB said in a regulatory filing with stock exchanges.
The country’s second largest public sector bank had board approval to raise capital of Rs 12,000 crore in 2023-24. It had raised Rs 6,090 crore — Rs 3,000 crore AT1 bonds and Rs 3,090 crore in Tier-II capital — till end-September this fiscal.
The Delhi-based lender raised Rs 8,214 crore in capital through AT1 and tier II bonds in 2022-23 (FY23) against board approval of Rs 12,000 crore.
Atul Kumar Goel, managing director and CEO, PNB, had said after the Q2 results were announced that the bank was comfortably placed with a 15-plus per cent capital adequacy ratio.
The public-sector lender’s net profit for the July-September quarter jumped a whopping 327.14 per cent year-on-year to Rs 1,756 crore owing to a substantial rise in its net interest income (NII) and a decline in credit costs.
Sequentially, the Delhi-based bank’s profit went up from Rs 1,255 crore in the quarter ended June.
He said PNB is looking to close the current fiscal with profits of at least Rs 6,000 crore, higher than the guidance of Rs 4,000 crore. It had already recorded profits of Rs 3,000 crore in the first half of this fiscal.
The bank has set a target to lower its gross non-performing assets to 6 per cent by the end of this fiscal.
