On Thursday, October 3, Punjab National Bank (PNB) released its provisional business update for the quarter ending September 30, 2024 (Q2 FY25). The bank reported that its global business grew by 3.56% from the previous quarter and 12.09% year-on-year (YoY) to reach ₹25.24 lakh crore.
PNB’s domestic business rose to ₹24.30 lakh crore, showing a 3.20% increase quarter-on-quarter (QoQ) and an 11.34% rise YoY. Global deposits grew by 3.63% QoQ and 11.41% YoY to ₹14.59 lakh crore, while domestic deposits increased by 3.47% QoQ and 10.98% YoY to ₹14.17 lakh crore.
Global advances (loans) saw a 3.47% QoQ growth and a 13.03% YoY rise, reaching ₹10.64 lakh crore. Domestic advances increased by 2.82% QoQ and 11.84% YoY to ₹10.12 lakh crore.
Recently, PNB raised ₹5,000 crore by issuing equity shares to qualified institutional buyers (QIBs). The bank allocated approximately 48.19 crore equity shares at ₹103.75 per share, a 4.96% discount from the floor price of ₹109.16 per share. The QIP issue, open from September 23 to 26, 2024, received bids totaling ₹41,734 crore—16.7 times the base issue size of ₹2,500 crore and 8.3 times the total issue size of ₹5,000 crore.
PNB stated that the capital raised would improve its Common Equity Tier 1 (CET-1) ratio and overall capital adequacy ratio. As of the latest update, PNB’s shares were trading 1% lower at ₹104.09 on the BSE.
In early September, the Singapore government, Monetary Authority of Singapore, and Goldman Sachs collectively increased their stakes in PNB Housing Finance by purchasing shares worth ₹178 crore in open market transactions. The shares were bought at an average price of ₹1,097.30 each, according to a PTI report.
