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PNB plans to hit capital markets in fourth quarter to raise funds

The public sector lender plans to raise funds to meet its growth and regulatory requirements, PNB Managing Director S S Mallikarjuna Rao said

twitter-logoBusinessToday.In | June 21, 2020 | Updated 18:54 IST
PNB plans to hit capital markets in fourth quarter to raise funds
Punjab National Bank

Punjab National Bank (PNB) is planning to hit capital markets in the fourth quarter of the running fiscal to raise funds. The public sector lender plans to raise funds to meet its growth and regulatory requirements, PNB Managing Director S S Mallikarjuna Rao told news agency PTI. "However, we will finalise the opening balance sheet of amalgamated entities in the next board meeting in July. Probably then the bank will get an actual estimate of the capital (requirement)," he added.

"We will be planning (capital raising) somewhere around the end of third quarter or beginning of fourth quarter. By this time we would have declared two quarterly balance sheet of the amalgamated entities," Rao also said.

Meanwhile, PNB on Saturday reported a standalone net profit of Rs 336 crore in FY20 as against a net loss of Rs 9,975 crore in the previous fiscal. Total income for FY20 grew 7.5 per cent at Rs 63,074 crore, PNB said in an exchange filing. A 37 per cent fall in provisions to  Rs 14,402 crore boosted the profit. Operating profit rose at 13.4 per cent to Rs 14,739 crore in FY20.

In Q4, standalone net loss narrowed to Rs 697.20 crore due to lower provisioning against bad loans. The second largest public sector lender had posted a loss of Rs 4,750 crore in the corresponding period of 2018-19. The total income during the March quarter rose to Rs 16,388.32 crore from Rs 14,725.13 crore in the year-ago period in the quarter under review. The gross non-performing assets (NPAs) reduced to 14.21 per cent in Q4, compared to 16.3 per cent in the previous quarter.

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