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Punjab National Bank’s (PNB) board will meet on December 28 to firm up its fundraising plan for 2024-25.
The fundraising will be through permitted mode(s) or a combination of them during 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 ₹12,000 crore in 2023-24. It had raised ₹6,090 crore — ₹3,000 crore AT1 bonds and ₹3,090 crore in Tier-II capital — till end-September this fiscal.
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.
PNB is looking to close the current fiscal with profits of at least ₹6,000 crore, higher than the guidance of ₹4,000 crore. It had already recorded profit of ₹3,000 crore in the first half of this fiscal.
In the second quarter ended September 30, 2023, PNB reported a 327 per cent increase in net profit at ₹1,756 crore (₹411 crore). This was 40 per cent higher than the net profit of ₹1,255 crore recorded in the first quarter this fiscal.
In terms of asset quality, PNB targets lowering its gross non-performing assets to 6 per cent by end-March 2024 and net NPA to below 1 per cent by the end of this fiscal. Of its targeted ₹22,000-crore recovery this fiscal, it has recovered ₹11,000 crore (as of October 2023).
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