Punjab National Bank Q2 update: State-run lender says global business grows 12% YoY

The lender said its global business grew 3.56% sequentially and 12.09% year-on-year (YoY) to ₹25,23,797 crore. 

Its domestic business came in at ₹24,29,602 crore, up 3,20% QoQ and 11.34% YoY. Global deposits grew 3.63% QoQ and 11.41% to ₹14,59,386 crore. 

The state-run lender's domestic deposits for the period under review stood at 14,17,433, up 3.47% QoQ and 10.98% YoY. 

Global advances grew 3.47% QoQ and 13.03% YoY to ₹10,64,411 crore, while domestic advances came in at ₹10,12,169 crore, up 2.82% QoQ and 11.84% YoY. 

The bank allocated about 48.19 crore equity shares at an issue price of ₹103.75 per share, which was at a discount of 4.96% to the floor price of ₹109.16 apiece, PNB said in a statement.

The bank's QIP issue was open for subscription from September 23 to 26, 2024, it said.

"The bank received bids from Qualified Institutional Buyers (QIBs), including mutual funds, foreign portfolio investors (FPIs), insurance companies, etc., to the tune of ₹41,734 crore for the QIP issue, which is 16.7 times the base issue size of ₹2,500 crore and 8.3 times the total issue size of ₹5,000 crore," it said.

The amount of capital raised through the QIP issue will augment the bank's CET-1 ratio and the overall capital adequacy ratio, it added.

Shares of the bank last seen were trading over 1% lower at ₹104.09 apiece on the BSE. 

In early September, the Singapore government, Monetary Authority of Singapore, and Goldman Sachs increased their stakes in PNB Housing Finance for ₹178 crore through open market transactions.