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PNB plans to raise up to Rs5,000 crore from market

LiveMint logoLiveMint 22-09-2017 PTI

New Delhi: Punjab National Bank on Friday said it plans to raise up to Rs5,000 crore equity capital from the markets to fund growth.

The public sector bank however did not give any indication as to whether it would be raised by diluting government equity or issuing Additional Tier-1 (AT1) bonds.

The decision in this regard would be taken in the board meeting on 27 September, PNB said in a filing to the stock exchanges. The bank would consider raising "common equity Tier capital up to Rs5,000 crore as per Basel III requirements," it said.

PNB had reported over 12% rise in net profit at Rs343.40 crore for the quarter ended 30 June 2017. Total income of the bank rose to Rs14,468.14 crore in the said quarter from Rs13,475.41 crore a year ago.

With regard to assets metrics, the bank's gross non- performing assets (NPAs) declined marginally to 13.66% of gross advances as on 30 June 2017 from 13.75% a year ago.

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