PNB
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Punjab National Bank One Year MCLR Revised To 8.85%
July 31 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - ONE YEAR MCLR REVISED TO 8.85%
Source text: ID:nNSE6WBLsn
Further company coverage: PNBK.NS
(([email protected];))
July 31 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - ONE YEAR MCLR REVISED TO 8.85%
Source text: ID:nNSE6WBLsn
Further company coverage: PNBK.NS
(([email protected];))
India's PNB Gilts eyes best two-day gain in nearly two years after profit jump
** Shares of PNB Gilts Ltd PNBG.NS climb nearly 10% to 117.45 rupees, extending gains after reporting profit jump on Wednesday
** Fixed income markets dealer ended 8.2% higher on Wednesday after Q1 profit jumped three-fold
** PNBG up 19% across last two sessions, set for best two-day gain since September 2023
** Over 16 mln shares traded in stock's busiest session in 13 months, 17x the 30-day avg volume
** Stock turns YTD positive, last up 8%
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
** Shares of PNB Gilts Ltd PNBG.NS climb nearly 10% to 117.45 rupees, extending gains after reporting profit jump on Wednesday
** Fixed income markets dealer ended 8.2% higher on Wednesday after Q1 profit jumped three-fold
** PNBG up 19% across last two sessions, set for best two-day gain since September 2023
** Over 16 mln shares traded in stock's busiest session in 13 months, 17x the 30-day avg volume
** Stock turns YTD positive, last up 8%
(Reporting by Nandan Mandayam in Bengaluru)
(([email protected]; Mobile: +91 9591011727;))
India's PNB Gilts jumps after Q1 profit surge
** Shares of India's PNB Gilts PNBG.NS jump as much as 10.8%, set for biggest intraday percentage rise since October 2024
** Stock last up 7%
** Indian non-bank lender's Q1 profit tripled y/y to 1.60 bln rupees ($18.5 million) as gains made from securities surged with little interest income growth
** Trading vols 8.5 million shares vs 30-day avg of 600k shares in busiest session since June 24
** YTD stock down 2.6%
($1 = 86.4350 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** Shares of India's PNB Gilts PNBG.NS jump as much as 10.8%, set for biggest intraday percentage rise since October 2024
** Stock last up 7%
** Indian non-bank lender's Q1 profit tripled y/y to 1.60 bln rupees ($18.5 million) as gains made from securities surged with little interest income growth
** Trading vols 8.5 million shares vs 30-day avg of 600k shares in busiest session since June 24
** YTD stock down 2.6%
($1 = 86.4350 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
India to issue climate risk disclosure rules for banks in the next few months, sources say
India's central bank to mandate climate risk disclosures by fiscal year 2027-28
Banks to conduct stress tests for climate impact on borrowers
RBI's move follows India's draft framework for climate-friendly investments
By Ashwin Manikandan
July 18 (Reuters) - India's central bank is close to finalising rules for banks and financial institutions to disclose and manage risks from climate change, three sources aware of the matter said.
The move runs counter to several top global banks including JP Morgan, Citibank, Morgan Stanley and HSBC, which have decided to scale back their climate commitments with the re-election of climate-sceptic U.S. President Donald Trump being seen as a trigger.
Getting a better idea of how, and to what extent, money is flowing to green investments is a central part of global efforts to move to a low-carbon economy, with countries from the UK to Japan making such disclosures mandatory.
The Indian central bank's norms, which have been in the works since 2022, are expected to ask banks and financial institutions to make regular disclosures about climate-related risks in their loan portfolios along with mitigation strategies and targets, the sources said.
The disclosures are likely to be on a voluntary basis from fiscal year 2027 and then mandatory from fiscal year 2028. India's financial year runs from April till March.
Banks will also be asked to conduct periodic stress tests to gauge the impact of adverse climate events such as floods, heatwaves and cyclones on borrowers and the economy, based on a guidance note which the central bank is also likely to issue soon, the sources added.
All three sources requested anonymity as they are not authorised to speak with media.
The RBI did not respond to an email from Reuters.
The central bank's decision to move forward with the rules has not been previously reported.
The Reserve Bank of India has previously recognised climate change as a source of major financial concern, and released a draft standard disclosure framework in February 2024 for public feedback.
“The signal from the central bank based on recent meetings is that the detailed norms are almost finalised and are expected very soon,” the first source said.
Many banks have already started collating data and setting targets to meet the disclosure standards, the source said.
Some large banks have put out tenders to bring in climate consultants to help them with the disclosures, according to public documents.
ASSESSING BORROWERS FOR CLIMATE RISK
The RBI's decision to move ahead with climate disclosures for its banks comes soon after India released a draft framework aimed at facilitating a greater flow of resources to climate-friendly sectors.
India is also gearing up to publish a new national emissions-reduction target ahead of the next round of global climate talks in Brazil in November.
India, the world's third largest polluter behind China and the United States, currently aims to achieve a net zero emissions target by 2070.
As part of the central bank's climate disclosure rules, banks will be required to calculate gross emissions of borrowers and disclose this information by asset classes and industries, according to the draft norms.
Such disclosures are expected to be included in their financial statements.
Separately, the central bank has also shared a 52-page draft note with large banks, a copy of which Reuters has reviewed, prescribing a methodology to forecast and analyse the impact of adverse climate events as well as transition risks on borrowers' ability to repay loans.
The transition risks are those which emerge from the changing consumer behaviour, policy and technology changes, as the world moves towards a low-carbon economy, as per the note.
While banks are preparing to disclose climate risk embedded in their loan portfolios, they do not expect these disclosures to impact loan pricing in the short term.
"As of now we don't have enough granular data to reliably price in these risks in our portfolios, but the long-term approach could be in that direction," said the second source, who is a banker at a state-owned lender.
(Reporting by Ashwin Manikandan; Editing by Ira Dugal and Kim Coghill)
(([email protected];))
India's central bank to mandate climate risk disclosures by fiscal year 2027-28
Banks to conduct stress tests for climate impact on borrowers
RBI's move follows India's draft framework for climate-friendly investments
By Ashwin Manikandan
July 18 (Reuters) - India's central bank is close to finalising rules for banks and financial institutions to disclose and manage risks from climate change, three sources aware of the matter said.
The move runs counter to several top global banks including JP Morgan, Citibank, Morgan Stanley and HSBC, which have decided to scale back their climate commitments with the re-election of climate-sceptic U.S. President Donald Trump being seen as a trigger.
Getting a better idea of how, and to what extent, money is flowing to green investments is a central part of global efforts to move to a low-carbon economy, with countries from the UK to Japan making such disclosures mandatory.
The Indian central bank's norms, which have been in the works since 2022, are expected to ask banks and financial institutions to make regular disclosures about climate-related risks in their loan portfolios along with mitigation strategies and targets, the sources said.
The disclosures are likely to be on a voluntary basis from fiscal year 2027 and then mandatory from fiscal year 2028. India's financial year runs from April till March.
Banks will also be asked to conduct periodic stress tests to gauge the impact of adverse climate events such as floods, heatwaves and cyclones on borrowers and the economy, based on a guidance note which the central bank is also likely to issue soon, the sources added.
All three sources requested anonymity as they are not authorised to speak with media.
The RBI did not respond to an email from Reuters.
The central bank's decision to move forward with the rules has not been previously reported.
The Reserve Bank of India has previously recognised climate change as a source of major financial concern, and released a draft standard disclosure framework in February 2024 for public feedback.
“The signal from the central bank based on recent meetings is that the detailed norms are almost finalised and are expected very soon,” the first source said.
Many banks have already started collating data and setting targets to meet the disclosure standards, the source said.
Some large banks have put out tenders to bring in climate consultants to help them with the disclosures, according to public documents.
ASSESSING BORROWERS FOR CLIMATE RISK
The RBI's decision to move ahead with climate disclosures for its banks comes soon after India released a draft framework aimed at facilitating a greater flow of resources to climate-friendly sectors.
India is also gearing up to publish a new national emissions-reduction target ahead of the next round of global climate talks in Brazil in November.
India, the world's third largest polluter behind China and the United States, currently aims to achieve a net zero emissions target by 2070.
As part of the central bank's climate disclosure rules, banks will be required to calculate gross emissions of borrowers and disclose this information by asset classes and industries, according to the draft norms.
Such disclosures are expected to be included in their financial statements.
Separately, the central bank has also shared a 52-page draft note with large banks, a copy of which Reuters has reviewed, prescribing a methodology to forecast and analyse the impact of adverse climate events as well as transition risks on borrowers' ability to repay loans.
The transition risks are those which emerge from the changing consumer behaviour, policy and technology changes, as the world moves towards a low-carbon economy, as per the note.
While banks are preparing to disclose climate risk embedded in their loan portfolios, they do not expect these disclosures to impact loan pricing in the short term.
"As of now we don't have enough granular data to reliably price in these risks in our portfolios, but the long-term approach could be in that direction," said the second source, who is a banker at a state-owned lender.
(Reporting by Ashwin Manikandan; Editing by Ira Dugal and Kim Coghill)
(([email protected];))
India's MTNL defaults on $1 billion of loans from seven public sector banks
BENGALURU, July 15 (Reuters) - India's Mahanagar Telephone Nigam MTNL.NS has defaulted on loans totaling 85.85 billion rupees ($1 billion), the public-sector telecom firm said on Tuesday.
The loans were made by seven public sector, with Union Bank of India UNBK.NS and Indian Overseas Bank IOBK.NS having the biggest exposure, MTNL said in an exchange filing.
($1 = 85.8860 Indian rupees)
(Reporting by Nishit Navin; Editing by Anil D'Silva)
(([email protected];))
BENGALURU, July 15 (Reuters) - India's Mahanagar Telephone Nigam MTNL.NS has defaulted on loans totaling 85.85 billion rupees ($1 billion), the public-sector telecom firm said on Tuesday.
The loans were made by seven public sector, with Union Bank of India UNBK.NS and Indian Overseas Bank IOBK.NS having the biggest exposure, MTNL said in an exchange filing.
($1 = 85.8860 Indian rupees)
(Reporting by Nishit Navin; Editing by Anil D'Silva)
(([email protected];))
India's Punjab National Bank falls as Citi forecast earnings slowdown
** Shares of Punjab National Bank PNBK.NS fall 2.5% to 110 rupees, steepest intraday drop since May 8
** Citi says PNBK loan growth and deposits in Q1FY26 was lower than expected
** Brokerage forecast nearly 2% Q/Q decline in NII and 12 bps Q/Q drop in NIMs, due to higher rate-linked loans
** Citi maintains PNB at "sell"; PT 101 rupees, an 11.1% downside from last close
** PNBK rated "hold" by 16 analysts on avg; median PT 107.5 rupees - data compiled by LSEG
** YTd, PNBK up nearly 8% vs Bank Nifty .NSEBANK up 12.23%
(Reporting by Rudra Pratap Singh in Bengaluru)
** Shares of Punjab National Bank PNBK.NS fall 2.5% to 110 rupees, steepest intraday drop since May 8
** Citi says PNBK loan growth and deposits in Q1FY26 was lower than expected
** Brokerage forecast nearly 2% Q/Q decline in NII and 12 bps Q/Q drop in NIMs, due to higher rate-linked loans
** Citi maintains PNB at "sell"; PT 101 rupees, an 11.1% downside from last close
** PNBK rated "hold" by 16 analysts on avg; median PT 107.5 rupees - data compiled by LSEG
** YTd, PNBK up nearly 8% vs Bank Nifty .NSEBANK up 12.23%
(Reporting by Rudra Pratap Singh in Bengaluru)
Punjab National Bank Domestic Business Up 11.1% Y-O-Y
July 2 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - DOMESTIC BUSINESS INCREASES TO 26.17 TRILLION RUPEES, UP 11.1% Y-O-Y
PUNJAB NATIONAL BANK - DOMESTIC ADVANCES AS ON JUNE 30 UP 9.7% Y/Y
PUNJAB NATIONAL BANK - DOMESTIC DEPOSITS INCREASE TO 15.37 TRILLION RUPEES, UP 12.2% Y-O-Y
Source text: ID:nNSE3LPrX2
Further company coverage: PNBK.NS
(([email protected];;))
July 2 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - DOMESTIC BUSINESS INCREASES TO 26.17 TRILLION RUPEES, UP 11.1% Y-O-Y
PUNJAB NATIONAL BANK - DOMESTIC ADVANCES AS ON JUNE 30 UP 9.7% Y/Y
PUNJAB NATIONAL BANK - DOMESTIC DEPOSITS INCREASE TO 15.37 TRILLION RUPEES, UP 12.2% Y-O-Y
Source text: ID:nNSE3LPrX2
Further company coverage: PNBK.NS
(([email protected];;))
Fugitive jeweller Choksi accuses India of orchestrating his kidnap in Antigua
LONDON, June 16 (Reuters) - Fugitive jeweller Mehul Choksi accused India of orchestrating his kidnapping to extradite him on fraud allegations, with his lawyers telling London's High Court on Monday that only India had the motivation and resources to do so.
Choksi – who was arrested in Belgium in April – is wanted in India over his alleged involvement in one of India's biggest bank frauds at Punjab National Bank PNBK.NS, which in 2018 announced it had discovered alleged fraud worth $1.8 billion.
The Indian government has since sought to extradite Choksi, who faces charges alongside his nephew Nirav Modi, who has been in custody in Britain since 2019. The pair deny any wrongdoing.
Choksi is separately suing the Indian government in London, arguing that the state was responsible for his kidnapping in Antigua in 2021, when he says he was abducted and taken to Dominica in an attempt to extradite him to India.
India's lawyer Harish Salve said in court filings that "there is no evidence of India having anything to do with the alleged events".
Choksi alleges he was beaten in a failed attempt to extort a false confession and implicate India's political opposition, which he says points to state involvement in the incident.
Choksi's lawyer Edward Fitzgerald told the court: "The evidence points inevitably to India being behind this – they had the motivation, they had the resources."
Monday's hearing, the first since Choksi filed his case last year, was held to decide when India's application to throw out Choksi's lawsuit on state immunity should be held.
(Reporting by Sam Tobin
Editing by Alexandra Hudson)
(([email protected];))
LONDON, June 16 (Reuters) - Fugitive jeweller Mehul Choksi accused India of orchestrating his kidnapping to extradite him on fraud allegations, with his lawyers telling London's High Court on Monday that only India had the motivation and resources to do so.
Choksi – who was arrested in Belgium in April – is wanted in India over his alleged involvement in one of India's biggest bank frauds at Punjab National Bank PNBK.NS, which in 2018 announced it had discovered alleged fraud worth $1.8 billion.
The Indian government has since sought to extradite Choksi, who faces charges alongside his nephew Nirav Modi, who has been in custody in Britain since 2019. The pair deny any wrongdoing.
Choksi is separately suing the Indian government in London, arguing that the state was responsible for his kidnapping in Antigua in 2021, when he says he was abducted and taken to Dominica in an attempt to extradite him to India.
India's lawyer Harish Salve said in court filings that "there is no evidence of India having anything to do with the alleged events".
Choksi alleges he was beaten in a failed attempt to extort a false confession and implicate India's political opposition, which he says points to state involvement in the incident.
Choksi's lawyer Edward Fitzgerald told the court: "The evidence points inevitably to India being behind this – they had the motivation, they had the resources."
Monday's hearing, the first since Choksi filed his case last year, was held to decide when India's application to throw out Choksi's lawsuit on state immunity should be held.
(Reporting by Sam Tobin
Editing by Alexandra Hudson)
(([email protected];))
Diamond magnate Nirav Modi refused bail pending extradition from UK to India
Recasts with court's decision paragraph 1, 12
By Sam Tobin
LONDON, May 15 (Reuters) - Fugitive Indian diamond magnate Nirav Modi's bid to be released on bail pending his extradition to India was refused by a London court on Thursday, despite Modi citing potential threats to his life as a reason he would not flee Britain.
The jeweller, who fled India in 2018 before details of his alleged involvement in large-scale fraud at the Punjab National Bank became public, has been in custody since March 2019.
Modi, 55, vehemently denies any wrongdoing, his lawyer says. His appeal against a decision to extradite him to India was refused by London's High Court in November 2022 and his bid to take his case to the UK Supreme Court was also rejected.
Modi's lawyer Edward Fitzgerald told the High Court on Thursday that, while the extradition case was technically at an end, Modi could not be surrendered to the Indian authorities.
"There are confidential legal reasons why (Modi) cannot be extradited," Fitzgerald said, without elaborating.
Nicholas Hearn, a lawyer representing the Indian authorities, argued that Modi should not be granted bail as he might attempt to escape – referring to Modi's previous bid for citizenship of Vanuatu – or interfere with witnesses.
Fitzgerald argued, however, that Modi would not flee Britain out of fear of the Indian government, citing alleged recent plots to target Sikh activists in the United States and Canada. India has denied it was involved in any such plots.
He also referred to India's apparent help in taking Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum's daughter Sheikha Latifa back to Dubai in 2018.
"The reach of the Indian government for extrajudicial reprisals is practically limitless," Fitzgerald said. "The idea that he could go to Vanuatu ... and there be safe from the Indian government is utterly ridiculous.
"They would either send a hit squad to get him or they would kidnap him or they would lean on the government to deport him."
The Indian High Commission in London did not immediately respond to a request for comment.
Judge Michael Fordham refused Modi's application for bail, saying that "there are substantial grounds for believing that if released by me on bail ... (Modi) would fail to surrender".
Modi faces two linked criminal cases in India, a massive fraud at the Punjab National Bank and the alleged laundering of the proceeds.
Separately, Modi's uncle Mehul Choksi was last month arrested in Belgium over his alleged role in the Punjab National Bank fraud. Choksi denies any wrongdoing.
(Reporting by Sam Tobin; additional reporting by Muvija M; Editing by Andrew Heavens, William Maclean)
(([email protected];))
Recasts with court's decision paragraph 1, 12
By Sam Tobin
LONDON, May 15 (Reuters) - Fugitive Indian diamond magnate Nirav Modi's bid to be released on bail pending his extradition to India was refused by a London court on Thursday, despite Modi citing potential threats to his life as a reason he would not flee Britain.
The jeweller, who fled India in 2018 before details of his alleged involvement in large-scale fraud at the Punjab National Bank became public, has been in custody since March 2019.
Modi, 55, vehemently denies any wrongdoing, his lawyer says. His appeal against a decision to extradite him to India was refused by London's High Court in November 2022 and his bid to take his case to the UK Supreme Court was also rejected.
Modi's lawyer Edward Fitzgerald told the High Court on Thursday that, while the extradition case was technically at an end, Modi could not be surrendered to the Indian authorities.
"There are confidential legal reasons why (Modi) cannot be extradited," Fitzgerald said, without elaborating.
Nicholas Hearn, a lawyer representing the Indian authorities, argued that Modi should not be granted bail as he might attempt to escape – referring to Modi's previous bid for citizenship of Vanuatu – or interfere with witnesses.
Fitzgerald argued, however, that Modi would not flee Britain out of fear of the Indian government, citing alleged recent plots to target Sikh activists in the United States and Canada. India has denied it was involved in any such plots.
He also referred to India's apparent help in taking Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum's daughter Sheikha Latifa back to Dubai in 2018.
"The reach of the Indian government for extrajudicial reprisals is practically limitless," Fitzgerald said. "The idea that he could go to Vanuatu ... and there be safe from the Indian government is utterly ridiculous.
"They would either send a hit squad to get him or they would kidnap him or they would lean on the government to deport him."
The Indian High Commission in London did not immediately respond to a request for comment.
Judge Michael Fordham refused Modi's application for bail, saying that "there are substantial grounds for believing that if released by me on bail ... (Modi) would fail to surrender".
Modi faces two linked criminal cases in India, a massive fraud at the Punjab National Bank and the alleged laundering of the proceeds.
Separately, Modi's uncle Mehul Choksi was last month arrested in Belgium over his alleged role in the Punjab National Bank fraud. Choksi denies any wrongdoing.
(Reporting by Sam Tobin; additional reporting by Muvija M; Editing by Andrew Heavens, William Maclean)
(([email protected];))
India's PNB targets record-low bad loan ratio on higher debt recoveries, CEO says
By Siddhi Nayak
MUMBAI, May 8 (Reuters) - Punjab National Bank PNBK.NS (PNB), India's second-largest state-run lender by assets, aims to recover more soured loans this year, leading to a record-low gross bad loan ratio, a key asset quality metric, CEO Ashok Chandra said on Thursday.
The New Delhi-based lender is targeting bad loan recoveries worth 160 billion rupees ($1.89 billion) this financial year, an eleven-fold increase over the 14.36 billion rupees recovered in 2024-25, Chandra told Reuters in an interview.
About 60 billion rupees of that is expected to come from loan accounts which were previously written off, he said.
That would help lower its gross non-performing asset (NPA) ratio to under 3% by the end of 2025-26, which would be PNB's lowest on record.
Its gross NPA ratio improved to 3.95% at the end of March from 4.09% at the end of December.
That is a far cry from a gross NPA ratio of 14.33% in the aftermath of the COVID-19 pandemic following a debilitating corporate bad loan cycle between 2011 and 2019.
On Wednesday, PNB reported a near-52% jump in net profit for the January-March quarter, partly as it set aside lesser money for bad loans. Its domestic loan growth was 13.1%, while deposits rose 13.3%.
PNB expects its loan book to grow 11%-12% in the financial year that started in April, and deposits to increase by 9%-10%, Chandra said.
It has a corporate loan book pipeline of 1.35 trillion rupees and expects a 16%-17% growth in loans to medium and small enterprises, he added.
However, since the impact of the central bank's rate cuts typically comes with a lag, PNB's cost of funds will stay elevated for a couple of quarters, Chandra said.
Separately, PNB is in touch with fellow lenders to Bhushan Power and Steel to finalise the next course of action after the Supreme Court scrapped JSW Steel's JSTL.NS four-year-old buyout of the beleaguered company, Chandra said.
PNB has received about 30 billion rupees from JSW Steel as a part of the resolution.
"All options will be explored on what is the way out."
($1 = 84.6780 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Savio D'Souza)
(([email protected]; x.com/siddhiVnayak;))
By Siddhi Nayak
MUMBAI, May 8 (Reuters) - Punjab National Bank PNBK.NS (PNB), India's second-largest state-run lender by assets, aims to recover more soured loans this year, leading to a record-low gross bad loan ratio, a key asset quality metric, CEO Ashok Chandra said on Thursday.
The New Delhi-based lender is targeting bad loan recoveries worth 160 billion rupees ($1.89 billion) this financial year, an eleven-fold increase over the 14.36 billion rupees recovered in 2024-25, Chandra told Reuters in an interview.
About 60 billion rupees of that is expected to come from loan accounts which were previously written off, he said.
That would help lower its gross non-performing asset (NPA) ratio to under 3% by the end of 2025-26, which would be PNB's lowest on record.
Its gross NPA ratio improved to 3.95% at the end of March from 4.09% at the end of December.
That is a far cry from a gross NPA ratio of 14.33% in the aftermath of the COVID-19 pandemic following a debilitating corporate bad loan cycle between 2011 and 2019.
On Wednesday, PNB reported a near-52% jump in net profit for the January-March quarter, partly as it set aside lesser money for bad loans. Its domestic loan growth was 13.1%, while deposits rose 13.3%.
PNB expects its loan book to grow 11%-12% in the financial year that started in April, and deposits to increase by 9%-10%, Chandra said.
It has a corporate loan book pipeline of 1.35 trillion rupees and expects a 16%-17% growth in loans to medium and small enterprises, he added.
However, since the impact of the central bank's rate cuts typically comes with a lag, PNB's cost of funds will stay elevated for a couple of quarters, Chandra said.
Separately, PNB is in touch with fellow lenders to Bhushan Power and Steel to finalise the next course of action after the Supreme Court scrapped JSW Steel's JSTL.NS four-year-old buyout of the beleaguered company, Chandra said.
PNB has received about 30 billion rupees from JSW Steel as a part of the resolution.
"All options will be explored on what is the way out."
($1 = 84.6780 Indian rupees)
(Reporting by Siddhi Nayak; Editing by Savio D'Souza)
(([email protected]; x.com/siddhiVnayak;))
Indian jeweller Choksi accused in nearly $2 bln bank fraud case arrested in Belgium
Recasts to change sourcing to lawyer, adds quote para 8-9
By Aditya Kalra and Tanvi Mehta
NEW DELHI, April 14 (Reuters) - Fugitive jeweller Mehul Choksi has been arrested in Belgium and will file an appeal for release, his lawyer told Reuters on Monday, seven years after details of his involvement in one of India's biggest bank frauds became public.
The Indian government had sent a request for Choksi's extradition prior to his arrest, a source with India's Enforcement Directorate told Reuters.
Punjab National Bank (PNB) PNBK.NS, India's second largest state-run lender by assets, had announced in 2018 that it had discovered alleged fraud worth $1.8 billion at a single branch in Mumbai.
The bank had filed a criminal complaint with India's federal investigative agency against several entities including billionaire jeweller Nirav Modi and Choksi, his uncle and the managing director of Gitanjali Gems GTGM.NS, saying they had defrauded PNB.
Indian federal police filed fraud charges against Choksi, Nirav Modi and others in connection with suspected involvement in fraudulent transactions that led to huge losses for PNB.
The two diamond tycoons have denied any wrongdoing.
Choksi said in a letter in 2018 that the "investigating agencies were acting with pre-determined minds and interfering with the course of justice."
Choksi's lawyer Vijay Aggarwal told Reuters on Monday: "An appeal will be filed for his release, on grounds that he is undergoing cancer treatment and is not a flight risk." He said that Choksi had not committed any offence in Belgium.
Nirav Modi fled India in 2018 before details of his alleged role in the case became public. He was arrested in Britain in 2019 and remains in custody there although he has lost one extradition appeal.
Modi grew up in Belgium's diamond polishing hub Antwerp, and Choksi used to visit the city frequently, even before the financial scam was discovered.
Diamond traders in Mumbai have said Antwerp would have been an ideal place for Choksi to take refuge, as he knows people there and remains connected to those in the business.
Last week, a Pakistani-born Canadian businessman accused of helping orchestrate the 2008 attacks in Mumbai landed in New Delhi after the U.S. extradited him in the first such transfer in a terrorism case.
(Reporting by Aditya Kalra and Tanvi Mehta, additional reporting by Rajendra Jadhav in Mumbai; Editing by Tom Hogue and Raju Gopalakrishnan)
Recasts to change sourcing to lawyer, adds quote para 8-9
By Aditya Kalra and Tanvi Mehta
NEW DELHI, April 14 (Reuters) - Fugitive jeweller Mehul Choksi has been arrested in Belgium and will file an appeal for release, his lawyer told Reuters on Monday, seven years after details of his involvement in one of India's biggest bank frauds became public.
The Indian government had sent a request for Choksi's extradition prior to his arrest, a source with India's Enforcement Directorate told Reuters.
Punjab National Bank (PNB) PNBK.NS, India's second largest state-run lender by assets, had announced in 2018 that it had discovered alleged fraud worth $1.8 billion at a single branch in Mumbai.
The bank had filed a criminal complaint with India's federal investigative agency against several entities including billionaire jeweller Nirav Modi and Choksi, his uncle and the managing director of Gitanjali Gems GTGM.NS, saying they had defrauded PNB.
Indian federal police filed fraud charges against Choksi, Nirav Modi and others in connection with suspected involvement in fraudulent transactions that led to huge losses for PNB.
The two diamond tycoons have denied any wrongdoing.
Choksi said in a letter in 2018 that the "investigating agencies were acting with pre-determined minds and interfering with the course of justice."
Choksi's lawyer Vijay Aggarwal told Reuters on Monday: "An appeal will be filed for his release, on grounds that he is undergoing cancer treatment and is not a flight risk." He said that Choksi had not committed any offence in Belgium.
Nirav Modi fled India in 2018 before details of his alleged role in the case became public. He was arrested in Britain in 2019 and remains in custody there although he has lost one extradition appeal.
Modi grew up in Belgium's diamond polishing hub Antwerp, and Choksi used to visit the city frequently, even before the financial scam was discovered.
Diamond traders in Mumbai have said Antwerp would have been an ideal place for Choksi to take refuge, as he knows people there and remains connected to those in the business.
Last week, a Pakistani-born Canadian businessman accused of helping orchestrate the 2008 attacks in Mumbai landed in New Delhi after the U.S. extradited him in the first such transfer in a terrorism case.
(Reporting by Aditya Kalra and Tanvi Mehta, additional reporting by Rajendra Jadhav in Mumbai; Editing by Tom Hogue and Raju Gopalakrishnan)
Punjab National Bank Says No Change In Existing MCLR And Base Rate
April 9 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - NO CHANGE IN EXISTING MCLR AND BASE RATE
Source text: ID:nBSE7sn1zd
Further company coverage: PNBK.NS
(([email protected];;))
April 9 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - NO CHANGE IN EXISTING MCLR AND BASE RATE
Source text: ID:nBSE7sn1zd
Further company coverage: PNBK.NS
(([email protected];;))
Punjab National Bank Domestic Deposits Up 13.3% Y/Y As On March 31
April 2 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - DOMESTIC DEPOSITS UP 13.3% Y/Y AS ON MARCH 31
PUNJAB NATIONAL BANK - DOMESTIC ADVANCES UP 13.2% Y/Y AS ON MARCH 31
Source text: [ID:]
Further company coverage: PNBK.NS
(([email protected];;))
April 2 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - DOMESTIC DEPOSITS UP 13.3% Y/Y AS ON MARCH 31
PUNJAB NATIONAL BANK - DOMESTIC ADVANCES UP 13.2% Y/Y AS ON MARCH 31
Source text: [ID:]
Further company coverage: PNBK.NS
(([email protected];;))
Punjab National Bank Says Borrowal Fraud Of 2.71 Bln Rupees Has Been Reported To RBI
Feb 18 (Reuters) - Punjab National Bank PNBK.NS:
BORROWAL FRAUD OF 2.71 BILLION RUPEES HAS BEEN REPORTED TO RBI
BORROWAL FRAUD REPORTED TO RBI IN NPA ACCOUNT OF GUPTA POWER INFRASTRUCTURE
BANK HAS ALREADY MADE PROVISIONS AMOUNTING TO 2.71 BILLION RUPEES
Source text: [ID:]
Further company coverage: PNBK.NS
(([email protected];;))
Feb 18 (Reuters) - Punjab National Bank PNBK.NS:
BORROWAL FRAUD OF 2.71 BILLION RUPEES HAS BEEN REPORTED TO RBI
BORROWAL FRAUD REPORTED TO RBI IN NPA ACCOUNT OF GUPTA POWER INFRASTRUCTURE
BANK HAS ALREADY MADE PROVISIONS AMOUNTING TO 2.71 BILLION RUPEES
Source text: [ID:]
Further company coverage: PNBK.NS
(([email protected];;))
Punjab National Bank Says Issued Long Term Infrastructure Bonds At Coupon Of 7.34% P.A.
Feb 14 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - ISSUED LONG TERM INFRASTRUCTURE BONDS AT COUPON OF 7.34% P.A.
PUNJAB NATIONAL BANK - BONDS WORTH 29.5 BILLION RUPEES ISSUED ON PRIVATE PLACEMENT BASIS
Source text: ID:nNSE6hBjtF
Further company coverage: PNBK.NS
(([email protected];))
Feb 14 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - ISSUED LONG TERM INFRASTRUCTURE BONDS AT COUPON OF 7.34% P.A.
PUNJAB NATIONAL BANK - BONDS WORTH 29.5 BILLION RUPEES ISSUED ON PRIVATE PLACEMENT BASIS
Source text: ID:nNSE6hBjtF
Further company coverage: PNBK.NS
(([email protected];))
India New Issue-Punjab National Bank accepts bids on infra bonds, bankers say
MUMBAI, Feb 13 (Reuters) - India's Punjab National Bank PNBK.NS has accepted bids worth 29.50 billion rupees ($339.49 million) for infrastructure bonds maturing in 10 years, three merchant bankers said on Thursday.
The state-run bank will pay an annual coupon of 7.34% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
The lender did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Punjab National Bank | 10 years | 7.34 | 29.50 | Feb. 13 | AAA (Crisil, India Ratings) |
Cholamandalam Investment | 3 years | 8.20 | 5+5 | Feb. 14 | AA+ (Icra, India Ratings) |
Narayana Hrudayalaya | 5 years | 8.40 | 5 | Feb. 14 | AA (Icra) |
HDFC Life Insurance | 10 years | 8.10 | 10 | Feb. 13 | AAA (Icra) |
Axis Max Life Insurance | 10 years | To be decided | 5 | To be decided | AA+ (Care) |
Bank of Maharashtra | 10 years | To be decided | 5+25 | Feb. 17 | AA+ (Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.8950 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, Feb 13 (Reuters) - India's Punjab National Bank PNBK.NS has accepted bids worth 29.50 billion rupees ($339.49 million) for infrastructure bonds maturing in 10 years, three merchant bankers said on Thursday.
The state-run bank will pay an annual coupon of 7.34% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
The lender did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on February 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Punjab National Bank | 10 years | 7.34 | 29.50 | Feb. 13 | AAA (Crisil, India Ratings) |
Cholamandalam Investment | 3 years | 8.20 | 5+5 | Feb. 14 | AA+ (Icra, India Ratings) |
Narayana Hrudayalaya | 5 years | 8.40 | 5 | Feb. 14 | AA (Icra) |
HDFC Life Insurance | 10 years | 8.10 | 10 | Feb. 13 | AAA (Icra) |
Axis Max Life Insurance | 10 years | To be decided | 5 | To be decided | AA+ (Care) |
Bank of Maharashtra | 10 years | To be decided | 5+25 | Feb. 17 | AA+ (Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.8950 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
India New Issue-Punjab National Bank to issue 10-year infra bonds, bankers say
MUMBAI, Feb 11 (Reuters) - India's Punjab National Bank PNBK.NS plans to raise 50 billion rupees ($575.67 million), including 30 billion rupees of a greenshoe option, by selling infrastructure bonds maturing in 10 years, three merchant bankers said on Tuesday.
The bank has invited coupon and commitment bids from bankers and investors for the issue on Thursday, they said.
The lender did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Feb. 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Punjab National Bank | 10 years | To be decided | 20+30 | Feb. 13 | AAA (Crisil, India Ratings) |
THDC India | 10 years | To be decided | 2+5 | Feb. 14 | AA (Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.8550 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, Feb 11 (Reuters) - India's Punjab National Bank PNBK.NS plans to raise 50 billion rupees ($575.67 million), including 30 billion rupees of a greenshoe option, by selling infrastructure bonds maturing in 10 years, three merchant bankers said on Tuesday.
The bank has invited coupon and commitment bids from bankers and investors for the issue on Thursday, they said.
The lender did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Feb. 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Punjab National Bank | 10 years | To be decided | 20+30 | Feb. 13 | AAA (Crisil, India Ratings) |
THDC India | 10 years | To be decided | 2+5 | Feb. 14 | AA (Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.8550 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
India's PNB CEO Sees Loan Growth Of 13-14% This Fiscal, Vs 10-11% Guided Earlier
Jan 31 (Reuters) - Punjab National Bank CEO PNBK.NS:
SEE IMPACT OF 13-14% ON LIQUIDITY COVERAGE RATIO, IF RBI'S DRAFT GUIDELINES ARE IMPLEMENTED AS IS
EXPECT LOAN GROWTH OF 13-14% IN THIS FISCAL, HIGHER THAN 10-11% GUIDED EARLIER
EXPECT TO RECOVER BAD LOANS WORTH 50-60 BILLION RUPEES IN JAN-MARCH
Source text: [ID:]
Further company coverage: PNBK.NS
(([email protected];))
Jan 31 (Reuters) - Punjab National Bank CEO PNBK.NS:
SEE IMPACT OF 13-14% ON LIQUIDITY COVERAGE RATIO, IF RBI'S DRAFT GUIDELINES ARE IMPLEMENTED AS IS
EXPECT LOAN GROWTH OF 13-14% IN THIS FISCAL, HIGHER THAN 10-11% GUIDED EARLIER
EXPECT TO RECOVER BAD LOANS WORTH 50-60 BILLION RUPEES IN JAN-MARCH
Source text: [ID:]
Further company coverage: PNBK.NS
(([email protected];))
Punjab National Bank Says Ashok Chandra Assumes Office As MD & CEO
Jan 16 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - ASHOK CHANDRA ASSUMES OFFICE AS MD & CEO OF PNB
Source text: ID:nNSE3NjBsk
Further company coverage: PNBK.NS
(([email protected];;))
Jan 16 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - ASHOK CHANDRA ASSUMES OFFICE AS MD & CEO OF PNB
Source text: ID:nNSE3NjBsk
Further company coverage: PNBK.NS
(([email protected];;))
India's Punjab National Bank gains as deposits, advances grow
** Shares of Punjab National Bank PNBK.NS rise 2.4% to 105 rupees, their biggest one-day gain in nearly a month
** Stock among top pct gainers on the Nifty bank index .NSEBANK, which is up 0.93%
** Bank's provisional global deposits grow 15.6% on-year as on Dec. 31, 2024; global advances up 15%
** Analysts' avg rating on stock is "hold" vs "buy" on peers Bank of Baroda BOB.NS and Axis Bank AXBK.NS - data compiled by LSEG
** Median PT on PNBK is 110 rupees - LSEG data
** Stock gained 7% in 2024 vs 5% rise in Nifty Bank index
(Reporting by Aleef Jahan in Bengaluru)
** Shares of Punjab National Bank PNBK.NS rise 2.4% to 105 rupees, their biggest one-day gain in nearly a month
** Stock among top pct gainers on the Nifty bank index .NSEBANK, which is up 0.93%
** Bank's provisional global deposits grow 15.6% on-year as on Dec. 31, 2024; global advances up 15%
** Analysts' avg rating on stock is "hold" vs "buy" on peers Bank of Baroda BOB.NS and Axis Bank AXBK.NS - data compiled by LSEG
** Median PT on PNBK is 110 rupees - LSEG data
** Stock gained 7% in 2024 vs 5% rise in Nifty Bank index
(Reporting by Aleef Jahan in Bengaluru)
Punjab National Bank Says Atul Kumar Goel Ceases To Be Managing Director And CEO
Jan 1 (Reuters) - Punjab National Bank PNBK.NS:
ATUL KUMAR GOEL CEASES TO BE MANAGING DIRECTOR AND CEO OF PNB
Source text: ID:nBSE7QYRbr
Further company coverage: PNBK.NS
(([email protected];;))
Jan 1 (Reuters) - Punjab National Bank PNBK.NS:
ATUL KUMAR GOEL CEASES TO BE MANAGING DIRECTOR AND CEO OF PNB
Source text: ID:nBSE7QYRbr
Further company coverage: PNBK.NS
(([email protected];;))
Punjab National Bank Says PNB Bond Issue Size 30 Billion Rupees
Dec 23 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - PNB BOND ISSUE SIZE 30 BILLION RUPEES
Source text: ID:nBSE1GB6l2
Further company coverage: PNBK.NS
(([email protected];;))
Dec 23 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - PNB BOND ISSUE SIZE 30 BILLION RUPEES
Source text: ID:nBSE1GB6l2
Further company coverage: PNBK.NS
(([email protected];;))
India New Issue-Punjab National Bank accepts bids for Tier II bonds, bankers say
MUMBAI, Dec 20 (Reuters) - India's Punjab National Bank PNBK.NS has accepted bids worth 30 billion rupees ($352.95 million) for Basel III-compliant Tier II bonds maturing in 15 years, three merchant bankers said on Friday.
The bank will pay an annual coupon of 7.43% on this issue and had invited coupon and commitment bids for the issue earlier in the day, they said.
The notes will have a call option at the end of 10 years.
The lender did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Punjab National Bank | 15 years | 7.43 | 30 | Dec. 20 | AAA (Crisil, India Ratings) |
Tata Capital Oct 2027 reissue | 2 year and 10 months | 7.8007 (yield) | 5 | Dec. 20 | AAA (Crisil, Icra) |
Tata Capital Jul 2034 reissue | 9 year and 7 months | 7.7205 (yield) | 1.51 | Dec. 20 | AAA (Crisil, Icra) |
NDR InvIT Trust | 8 years | 8.05 (payable quarterly) | 6.30 | Dec. 20 | AAA (Care, India Ratings) |
Tata Power Renewable Energy | 10 years | 7.70 | 10 | Dec. 23 | AA+ (India Ratings) |
HUDCO | 10 years | To be decided | 5+20 | Dec. 23 | AAA (India Ratings, Care) |
* Size includes base plus greenshoe for some issues
($1 = 84.9990 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
MUMBAI, Dec 20 (Reuters) - India's Punjab National Bank PNBK.NS has accepted bids worth 30 billion rupees ($352.95 million) for Basel III-compliant Tier II bonds maturing in 15 years, three merchant bankers said on Friday.
The bank will pay an annual coupon of 7.43% on this issue and had invited coupon and commitment bids for the issue earlier in the day, they said.
The notes will have a call option at the end of 10 years.
The lender did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 20:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Punjab National Bank | 15 years | 7.43 | 30 | Dec. 20 | AAA (Crisil, India Ratings) |
Tata Capital Oct 2027 reissue | 2 year and 10 months | 7.8007 (yield) | 5 | Dec. 20 | AAA (Crisil, Icra) |
Tata Capital Jul 2034 reissue | 9 year and 7 months | 7.7205 (yield) | 1.51 | Dec. 20 | AAA (Crisil, Icra) |
NDR InvIT Trust | 8 years | 8.05 (payable quarterly) | 6.30 | Dec. 20 | AAA (Care, India Ratings) |
Tata Power Renewable Energy | 10 years | 7.70 | 10 | Dec. 23 | AA+ (India Ratings) |
HUDCO | 10 years | To be decided | 5+20 | Dec. 23 | AAA (India Ratings, Care) |
* Size includes base plus greenshoe for some issues
($1 = 84.9990 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
India New Issue-Punjab National Bank to issue Tier II bonds, bankers say
MUMBAI, Dec 19 (Reuters) - India's Punjab National Bank PNBK.NS plans to raise 30 billion rupees ($352.7 million) through the sale of Basel III-compliant additional Tier II bonds maturing in 15 years, three merchant bankers said on Thursday.
The bank has invited coupon and commitment bids for the issue on Friday and the notes will have a call option at the end of 10 years, the bankers said.
The lender did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Punjab National Bank | 15 years | To be decided | 10+20 | Dec. 20 | AAA (Crisil, India Ratings) |
India Infradebt | 10 years | To be decided | 2.50+2.50 | Dec. 20 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.0620 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)
MUMBAI, Dec 19 (Reuters) - India's Punjab National Bank PNBK.NS plans to raise 30 billion rupees ($352.7 million) through the sale of Basel III-compliant additional Tier II bonds maturing in 15 years, three merchant bankers said on Thursday.
The bank has invited coupon and commitment bids for the issue on Friday and the notes will have a call option at the end of 10 years, the bankers said.
The lender did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Punjab National Bank | 15 years | To be decided | 10+20 | Dec. 20 | AAA (Crisil, India Ratings) |
India Infradebt | 10 years | To be decided | 2.50+2.50 | Dec. 20 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 85.0620 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)
Modern Dairies Says Fully Paid PNB OTS Amount Of 459.4 Mln Rupees
Nov 27 (Reuters) - Modern Dairies Ltd MDRD.BO:
FULLY PAID PNB OTS AMOUNT OF 459.4 MILLION RUPEES
Source text: ID:nBSE18lzXr
Further company coverage: MDRD.BO
(([email protected];;))
Nov 27 (Reuters) - Modern Dairies Ltd MDRD.BO:
FULLY PAID PNB OTS AMOUNT OF 459.4 MILLION RUPEES
Source text: ID:nBSE18lzXr
Further company coverage: MDRD.BO
(([email protected];;))
Punjab National Bank Says Q2 Net Profit At 43.03 Billion Rupees
Oct 28 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK Q2 NET PROFIT 43.03 BILLION RUPEES; IBES PROFIT EST. 34.65 BILLION RUPEES
PUNJAB NATIONAL BANK Q2 GROSS NPA 4.48%
PUNJAB NATIONAL BANK Q2 INTEREST EARNED 298.75 BILLION RUPEES
PUNJAB NATIONAL BANK Q2 NET NPA 0.46%
PUNJAB NATIONAL BANK Q2 PROVISIONS & CONTINGENCIES 2.88 BILLION RUPEES
PUNJAB NATIONAL BANK Q2 PROVISIONS FOR NPAS 1.99 BILLION RUPEES
Source text: [ID:]
Further company coverage: PNBK.NS
(([email protected];))
Oct 28 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK Q2 NET PROFIT 43.03 BILLION RUPEES; IBES PROFIT EST. 34.65 BILLION RUPEES
PUNJAB NATIONAL BANK Q2 GROSS NPA 4.48%
PUNJAB NATIONAL BANK Q2 INTEREST EARNED 298.75 BILLION RUPEES
PUNJAB NATIONAL BANK Q2 NET NPA 0.46%
PUNJAB NATIONAL BANK Q2 PROVISIONS & CONTINGENCIES 2.88 BILLION RUPEES
PUNJAB NATIONAL BANK Q2 PROVISIONS FOR NPAS 1.99 BILLION RUPEES
Source text: [ID:]
Further company coverage: PNBK.NS
(([email protected];))
India's PNB Gilts extends gains on Q2 profit
** Shares of PNB Gilts PNBG.NS surge as much as 14.7% to 129.7 rupees
** Non-banking financial co reported Sept-qtr profit of 1.15 bln rupees (~$14 mln) from loss 411.2 mln rupees a year ago
** Interest income grew 12% y/y
** Stock was up ~1% ahead of results
** PNBG eyes busiest trading session since mid-Sept., volumes at 4.3x the 30-day avg
** Stock last up 11.5%, extending YTD gains to around 33%
($1 = 84.0700 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Shares of PNB Gilts PNBG.NS surge as much as 14.7% to 129.7 rupees
** Non-banking financial co reported Sept-qtr profit of 1.15 bln rupees (~$14 mln) from loss 411.2 mln rupees a year ago
** Interest income grew 12% y/y
** Stock was up ~1% ahead of results
** PNBG eyes busiest trading session since mid-Sept., volumes at 4.3x the 30-day avg
** Stock last up 11.5%, extending YTD gains to around 33%
($1 = 84.0700 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
BREAKINGVIEWS-India's lenders face the end of lazy banking
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Oct 22 (Reuters Breakingviews) - The days of lazy banking in India may be coming to an end. The country's lenders have historically made a larger chunk of their money from interest income than some other markets – just 30% came from other sources as of 2021, versus 40% for banks in the U.S. A deep pool of cheap deposits helped. But a shift in consumer habits is changing the market and forcing banks to find new ways to turn a profit.
Indians, especially those under the age of 30 who make up two-fifths of equity investors, are putting more of their money into assets that can, when markets fare well, yield more than a savings account. Since the pandemic, physical assets like real estate and gold have become more popular. Financial holdings as a share of total household savings fell to 28.5% from 40% during the three years to end March 2023, according to an analysis of official data by state-backed Punjab National Bank PNBK.NS.
The booming stock market is another lure: between June 2020 and March 2023, the share of the country's $3 trillion or so of household financial assets held in mutual funds rose from 6.6% to 8%; bank deposits' share, meanwhile, fell from 49% to 45%.
Granted, banks are still adding deposits at a decent clip of 12% year-on-year as of October, Reserve Bank of India data show. But that's also one percentage point lower than their loan growth. As a result, Indian banks' aggregate loan-to-deposit ratio touched a two-decade high of 80% in December, and was even above 100% for a handful of lenders including HDFC Bank HDBK.NS during the three months to the end of June, per S&P Global.
But the change is starting to hit earnings in a number of ways. The reduction in financial firepower is contributing to a drop in loan growth, which declined to 13% in October from 20% in January, per source. Last month HDFC even sold $717 million-worth of mortgages, Bloomberg reported citing unnamed sources. That helped cut its loan-to-deposit ratio to 100% for the quarter ended September.
Some lenders are having to make more use of the wholesale markets to fund new loans - certificates of deposit issued this year up to Sept. 20 stood at $98 billion, 67% higher than the comparable period of 2023, per RBI data. Another response has been to offer higher interest rates to try to keep savers from pulling out more money.
That all hurts banks' net interest margins. At top lender State Bank of India SBI.NS, that metric declined by 11 basis points to 3.22% in the 12 months to the end of June. HDFC Bank's NIM is 64 basis points lower than when it merged with its parent last year.
Longer term, the answer is to adapt the business model. Making loan sales, whether into the securitisation market or directly to investors, a core part of the business could generate some extra fees. Bulking up in other ways of managing people's savings could provide more juice, from cross-selling insurance and mutual funds to building wealth management businesses. Kotak Mahindra KTKM.NS, for instance, now caters to more than half of India’s top 100 rich families.
It'll require shaking up how banks do business. But the alternative is to watch earnings shrink while hoping for a stock market crash that persuades everyone to put their money back into deposits.
Follow @ShritamaBose on X
CONTEXT NEWS
HDFC Bank aims to lower its loan-to-deposit ratio to levels preceding its 2023 merger with its parent in the next two to three years, Chief Financial Officer Srinivasan Vaidyanathan told reporters in a post-earnings call on Oct. 19. The bank will look to grow loans slower than the overall banking system during the financial year to March 2025, he added.
State Bank of India plans to launch innovative products to address a growing trend of asset allocation among Indians, Chair C.S. Setty told Press Trust of India on Sept. 29.
HDFC Bank has sold a housing loan portfolio of 60 billion rupees ($717 million) to about half a dozen state-controlled banks through private deals, Bloomberg reported on Sept. 26, citing unnamed people familiar with the matter.
Graphic: Households have cut allocation to bank deposits https://reut.rs/3C2UfgA
Graphic: Bank stocks have underperformed the broader index https://reut.rs/4eZ3M6A
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Oct 22 (Reuters Breakingviews) - The days of lazy banking in India may be coming to an end. The country's lenders have historically made a larger chunk of their money from interest income than some other markets – just 30% came from other sources as of 2021, versus 40% for banks in the U.S. A deep pool of cheap deposits helped. But a shift in consumer habits is changing the market and forcing banks to find new ways to turn a profit.
Indians, especially those under the age of 30 who make up two-fifths of equity investors, are putting more of their money into assets that can, when markets fare well, yield more than a savings account. Since the pandemic, physical assets like real estate and gold have become more popular. Financial holdings as a share of total household savings fell to 28.5% from 40% during the three years to end March 2023, according to an analysis of official data by state-backed Punjab National Bank PNBK.NS.
The booming stock market is another lure: between June 2020 and March 2023, the share of the country's $3 trillion or so of household financial assets held in mutual funds rose from 6.6% to 8%; bank deposits' share, meanwhile, fell from 49% to 45%.
Granted, banks are still adding deposits at a decent clip of 12% year-on-year as of October, Reserve Bank of India data show. But that's also one percentage point lower than their loan growth. As a result, Indian banks' aggregate loan-to-deposit ratio touched a two-decade high of 80% in December, and was even above 100% for a handful of lenders including HDFC Bank HDBK.NS during the three months to the end of June, per S&P Global.
But the change is starting to hit earnings in a number of ways. The reduction in financial firepower is contributing to a drop in loan growth, which declined to 13% in October from 20% in January, per source. Last month HDFC even sold $717 million-worth of mortgages, Bloomberg reported citing unnamed sources. That helped cut its loan-to-deposit ratio to 100% for the quarter ended September.
Some lenders are having to make more use of the wholesale markets to fund new loans - certificates of deposit issued this year up to Sept. 20 stood at $98 billion, 67% higher than the comparable period of 2023, per RBI data. Another response has been to offer higher interest rates to try to keep savers from pulling out more money.
That all hurts banks' net interest margins. At top lender State Bank of India SBI.NS, that metric declined by 11 basis points to 3.22% in the 12 months to the end of June. HDFC Bank's NIM is 64 basis points lower than when it merged with its parent last year.
Longer term, the answer is to adapt the business model. Making loan sales, whether into the securitisation market or directly to investors, a core part of the business could generate some extra fees. Bulking up in other ways of managing people's savings could provide more juice, from cross-selling insurance and mutual funds to building wealth management businesses. Kotak Mahindra KTKM.NS, for instance, now caters to more than half of India’s top 100 rich families.
It'll require shaking up how banks do business. But the alternative is to watch earnings shrink while hoping for a stock market crash that persuades everyone to put their money back into deposits.
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CONTEXT NEWS
HDFC Bank aims to lower its loan-to-deposit ratio to levels preceding its 2023 merger with its parent in the next two to three years, Chief Financial Officer Srinivasan Vaidyanathan told reporters in a post-earnings call on Oct. 19. The bank will look to grow loans slower than the overall banking system during the financial year to March 2025, he added.
State Bank of India plans to launch innovative products to address a growing trend of asset allocation among Indians, Chair C.S. Setty told Press Trust of India on Sept. 29.
HDFC Bank has sold a housing loan portfolio of 60 billion rupees ($717 million) to about half a dozen state-controlled banks through private deals, Bloomberg reported on Sept. 26, citing unnamed people familiar with the matter.
Graphic: Households have cut allocation to bank deposits https://reut.rs/3C2UfgA
Graphic: Bank stocks have underperformed the broader index https://reut.rs/4eZ3M6A
(Editing by Antony Currie and Aditya Srivastav)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
India's PNB Gilts rises on FTSE Russell's move to add Indian bonds to EM indexes
** Shares of non-banking financial co PNB Gilts PNBG.NS rise 2.2% to 121.45 rupees
** Stock rises after FTSE Russell announces the inclusion of Indian government bonds to the FTSE Emerging Markets Government Bond Index (EMGBI) from Sept 2025
** Move likely to lead to a rise in foreign inflows to domestic debt markets
** PNBG is likely to benefit from the inclusion as it is the only listed primary dealer in government securities
** Stock up ~25% so far this year after rising ~52% in 2023
(Reporting by Bharath Rajeswaran and Dimpal Gulwani in Bengaluru)
** Shares of non-banking financial co PNB Gilts PNBG.NS rise 2.2% to 121.45 rupees
** Stock rises after FTSE Russell announces the inclusion of Indian government bonds to the FTSE Emerging Markets Government Bond Index (EMGBI) from Sept 2025
** Move likely to lead to a rise in foreign inflows to domestic debt markets
** PNBG is likely to benefit from the inclusion as it is the only listed primary dealer in government securities
** Stock up ~25% so far this year after rising ~52% in 2023
(Reporting by Bharath Rajeswaran and Dimpal Gulwani in Bengaluru)
Punjab National Bank Approved Issue Price of Share Issue At 103.75 Rupees per Share
Sept 26 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - APPROVED ISSUE PRICE QIP AT 103.75 RUPEESPER SHARE
Source text for Eikon: ID:nBSE3s2gfP
Further company coverage: PNBK.NS
(([email protected];))
Sept 26 (Reuters) - Punjab National Bank PNBK.NS:
PUNJAB NATIONAL BANK - APPROVED ISSUE PRICE QIP AT 103.75 RUPEESPER SHARE
Source text for Eikon: ID:nBSE3s2gfP
Further company coverage: PNBK.NS
(([email protected];))
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What does PNB do?
Punjab National Bank is a leading banking institution offering a wide range of personal, corporate, international, and capital banking services with a focus on sound and prudent financial practices.
Who are the competitors of PNB?
PNB major competitors are Bank Of Baroda, Union Bank Of India, Canara Bank, IDBI, Indian Bank, Indian Overseas Bank, Bank Of India. Market Cap of PNB is ₹1,19,354 Crs. While the median market cap of its peers are ₹96,385 Crs.
Is PNB financially stable compared to its competitors?
PNB seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does PNB pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. PNB latest dividend payout ratio is 18.04% and 3yr average dividend payout ratio is 19.18%
How has PNB allocated its funds?
Company has been allocating majority of new resources to productive uses like loans. However relatively unproductive allocation like cash and Gov Securities has also increased.
How strong is PNB balance sheet?
Latest balance sheet of PNB is weak, and historically as well.
Is the profitablity of PNB improving?
The profit is oscillating. The profit of PNB is ₹15,556 Crs for TTM, ₹18,480 Crs for Mar 2025 and ₹9,107 Crs for Mar 2024.
Is PNB stock expensive?
PNB is expensive when considering the Price to Book, however latest PE is < 3 yr avg PE. Latest PE of PNB is 7.17 while 3 year average PE is 15.86. Also latest Price to Book of PNB is 0.86 while 3yr average is 0.7.
Has the share price of PNB grown faster than its competition?
PNB has given lower returns compared to its competitors. PNB has grown at ~-4.1% over the last 10yrs while peers have grown at a median rate of 2.89%
Is the promoter bullish about PNB?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in PNB is 70.08% and last quarter promoter holding is 70.08%.
Are mutual funds buying/selling PNB?
The mutual fund holding of PNB is increasing. The current mutual fund holding in PNB is 5.12% while previous quarter holding is 4.71%.