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<keyword id="62034" type="General" weightage="20" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> (PNB) on Thursday reported a two-fold jump in standalone net profit at Rs 1,126.78 crore for the third quarter ended December. The state-owned bank had earned a net profit of Rs 506.03 crore in the year-ago period. However, total income during October-December 2021 declined to Rs 22,026.02 crore as against Rs 23,298.53 crore in the year-ago period, PNB said in a regulatory filing. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/boat-sells-about-eight-out-of-ten-products-on-amazon-and-flipkart-which-it-states-as-a-risk-factor/articleshow/89155645.cms">About eight out of ten BoAt products are sold on Amazon and Flipkart, but the company has concerns around it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ola-electric-plans-to-hire-200-automotive-engineers-designer-for-its-uk-center/articleshow/89157318.cms">Ola Electric is now looking to invest $100 million in setting up an R&amp;D centre in UK that will hire 200 engineers</a>

Punjab National Bank's net profit more than doubles to ₹1,127 crore

<keyword id="19965774" type="General" weightage="20" keywordseo="punjab-national-bank" source="keywords">Punjab National Bank</keyword> (<keyword id="19918505" type="General" weightage="20" keywordseo="pnb" source="keywords">PNB</keyword>) on Thursday announced an over three-fold jump in its profit to Rs 2,223 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 629 crore in the same period last year. The government-owned bank's total income shot up to Rs 29,962 crore during the quarter from Rs 25,722 crore in the same period last year. PNB's net interest income (<keyword id="19936363" type="General" weightage="20" keywordseo="nii" source="keywords">NII</keyword>) went up 12.1 per cent to Rs 10,293 crore from Rs 9,179.4 crore in the year ago period, according to a regulatory filing. The bank's asset quality also improved during the quarter with gross non-performing assets (<keyword id="19964545" type="General" weightage="20" keywordseo="npas" source="keywords">NPAs</keyword>) declining to 6.24 per cent of total loans from 9.76 per cent in the same period last year. Net NPAs came down to 0.96 per cent from 3.30 per cent. The provisions for bad loans made by the bank came down to Rs 2,739.1 crore from Rs 4,713.34 crore in the same quarter of the previous year. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a><a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a>

PNB clocks 3-fold jump in net profit at ₹2,223 crore for Q3

<keyword id="109276" type="COMPANY" weightage="20" keywordseo="Honda-India">Honda India</keyword>’s two wheeler arm, Honda Motorcycle &amp; Scooter India Pvt Ltd (HMSI) has signed a Memorandum of Understanding (MoU) with state-run <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> to provide <keyword id="6354851" type="ORGANIZATION" weightage="20" keywordseo="Retail">retail</keyword> finance to Honda two wheeler buyers. 
	 
	“This alliance is first of its kind in the two-wheeler industry - both for Honda and PNB. Propelled by this partnership with Punjab National Bank, we aim to grow Honda's retail finance significantly in coming months,” said Y S Guleria, Vice President, Sales and Marketing, HMSI. 
	Through this strategic alliance, company aims to tap its target audience in rural areas. “With 40% of branches of PNB in rural areas and additional 24% in semi-urban areas, Honda's strategic alliance with Punjab National Bank will help it make deeper inroads into hinterland”, the company said in a statement. 
	 
	By availing this offer, customers can save up to Rs 10,000 by getting loan finance for 90% of the value of the product at a lower rate of interest of 12.25%. The auto maker claims that the interest rate is the lowest in the industry. 
	 
	Commenting on the partnership, S S Bhatia, General Manager, Retail Assets Division, Punjab National Bank said that the bank has offered two retail finance schemes through this alliance. “Our Bank has 80 specialized retail asset branches at prime locations for financing only retail loans. Honda is synonymous globally with high quality products at reasonable prices…Through customized and convenient finance options, we look forward to partnering Honda in fulfilling the dreams and aspirations of millions in India,” added Bhatia. 
	 
	Reports suggest that HMSI is expecting to clock in a sale of 4.5 million scooters and motorcycles in the current fiscal year, posting a growth of 22% against 3.7 million units sold in the last fiscal year.

Honda India To Woo Customers
Through Easy Retail Loans; Ties-Up With PNB

<ul><li><keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword>, India’s second-largest government-owned bank, reported a loss of ₹134.2 billion for the quarter ended March 31st. </li><li>The bank’s provisions surged nearly five times to ₹203.5 billion because it is liable to pay back a lot of the loans that <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> has defaulted on. </li><li>Modi and his associates defrauded these banks of ₹130 billion ($1.92 billion) between 2011 and 2017- India’s biggest banking fraud. </li></ul> The name “Nirav Modi” isn’t likely to go out of news cycles anytime soon. This past February, it came to light that Modi, a prominent Indian jeweller and billionaire, had used his clout to allegedly procure fraudulent letters of undertaking from a Mumbai branch of the <keyword id="62034" type="ORGANIZATION" weightage="100" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB). He then used the letters to get loans from not only PNB, but a number of Indian banks like State Bank of India and <keyword id="6358005" type="ORGANIZATION" weightage="20" keywordseo="allahabad-bank">Allahabad Bank</keyword>, and eventually defaulted on the loans, despite issuing additional letters to pay back these loans. Modi and his associates defrauded these banks of ₹130 billion ($1.92 billion) between 2011 and 2017. This is the biggest banking fraud in India’s history. And now, it’s led to the highest quarterly loss ever by an Indian bank. PNB, India’s second-largest government-owned bank, reported a loss of <a href="https://www.pnbindia.in/downloadprocess.aspx?fid=qTvsjnzvILodoPNEqn9wCQ==">₹134.2 billion</a> for the quarter ended March 31st. Its loss even exceeded its total revenue of ₹129.5 billion. Given that PNB sanctioned the invalid letters of undertaking, it is the main bearer of liability for the loans that Modi and his partner firms have defaulted on. It will have to drum up the payments for these letters of credit itself. Hence, it’s provisions for bad loans and defaulted accounts surged 355% from the previous quarter to a staggering ₹203.5 billion. Around 40% of this figure was accounted for by the Nirav Modi fraud alone. In fact, after staying well under the ₹600 billion mark for all of 2017, the bank’s total amount of bad loans ballooned to ₹866 billion by the end of March 2018. There were around ₹291 billion of fresh bad loans in just the last quarter of fiscal 2018. The bank’s growth will be severely limited for the foreseeable future. All the capital that the managed to raise from institutional investors, <a href="https://www.thehindubusinessline.com/markets/pnb-raises-rs-5000-cr-via-qualified-institutional-placement/article9989982.ece">₹50 billion</a> in December 2017, and the government, <a href="https://www.bloombergquint.com/business/2018/03/08/over-a-dozen-state-owned-banks-to-get-rs-46000-crore-capital-infusion-this-month#gs.3aHyZcg">₹54 billion</a>, was insufficient to cover its provisions, let alone its other growth initiatives and capital expenditure. Given the dire state of PNB’s finances, it is likely to be put under the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>’s Prompt Corrective Action watchlist (PCA). The operations of 11 of India’s 21 state-owned banks are already being monitored under the PCA programme, which imposes restrictions on fresh loans. PNB is already said to be taking steps to make credit underwriting norms more rigorous and improving its internal auditing process. Meanwhile, the Nirav Modi fraud is still being investigated by India’s Central Bureau of Intelligence and judicial authorities, and names are finally being named. A charge sheet against Modi and his uncle, Mehul Choksi, - both of whom are absconding - was filed by the investigative agency earlier this week. <a href="http://www.business-standard.com/article/current-affairs/pnb-scam-two-bank-execs-removed-allahabad-bank-chief-to-step-down-118051400782_1.html">A number of other people</a>, including senior directors at PNB and Allahabad Bank, were also charged in the filing for various breaches. The senior management of all the banks involved will likely be cleaned out and reshuffled.

How one fraudster drove Punjab National Bank to the highest quarterly loss in the history of Indian banking

<ul><li>The state-owned <keyword id="62034" type="COMPANY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> has reportedly extended a ₹20.5 billion loan to Jet to keep it operational. </li><li>The funds are mainly for working capital purposes and will be hence be used to pay salaries to airline staff and pilots and more importantly, pay lessors of aircrafts. </li><li>The loan comes amid talks between Jet’s shareholders and creditors to finalise a resolution plan for the airline. </li></ul> As the promoters and creditors of <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> negotiate a resolution plan for the struggling airline, one of the Jet’s creditors, the state-owned Punjab National Bank has extended a ₹20.5 billion loan to Jet to keep it operational, according <a href="https://www.livemint.com/companies/news/jet-airways-gets-rs-2-050-crore-loan-from-pnb-1552249762128.html">to Mint. </a> The emergency funding is split in two parts - foreign currency loans of ₹11 billion and a credit facility of ₹9.5 billion. It has been secured against Jet’s liquid assets, including four flight training simulators and its trade receivables. The funds are mainly for working capital purposes and will be hence be used to pay salaries to airline staff and pilots and more importantly, pay <a href="https://indianexpress.com/article/business/aviation/jet-airways-lessors-jittery-over-its-restructuring-plan-5617697/">lessors of aircrafts</a>. Nearly 50 out of 119 Jet aircrafts are currently grounded due to non-payment of rental dues to lessors - which has hurt Jet’s credit rating. Last week, FLY Leasing, one of Jet’s lessors, said it would deploy its planes elsewhere if Jet’s shareholders and creditors didn’t finalise a resolution plan by the end of March. The grounding of planes has led to a cancellation of flights, which has in turn, led to a continued decline in revenues and profits, furthering endangering the airline’s recovery. A sticking point in the negotiations between Jet’s creditors and promoters had been the role of airline owner Naresh Goyal. At the end of February, a meeting of Jet’s creditors and partner Etihad on February 28th paved the way for Goyal’s <a href="https://www.businessinsider.in/jet-airways-chairman-naresh-goyal-steps-down/articleshow/68212261.cms">decision to step down</a> as the airline’s chairman. The next hurdle in the resolution plan involves Jet’s creditors trying to convince Etihad to take greater operational control of the airline. As one of Jet’s major lenders, the loan from <keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword> demonstrates the commitment of Jet’s creditors to finalising a recovery plan for the airline. SEE ALSO: <a href="https://www.businessinsider.in/jet-airways-chairman-naresh-goyal-steps-down/articleshow/68212261.cms">Jet’s chairman finally agrees to step down, paving way for bank-led bailout</a> <a href="https://www.businessinsider.in/naresh-goyal-and-etihad-statement-may-help-jet-airways-debt-resolution-plan/articleshow/68165797.cms">The threat of bankruptcy forces Etihad and Naresh Goyal to call for truce</a>

Punjab National Bank has reportedly given Jet a ₹20.5 billion lifeline to keep it airborne

<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li"><keyword id="176803" type="PERSON" weightage="20" keywordseo="Saffronart">Saffronart</keyword> to help auction assets seized from alleged perpetrators in Punjab National Bank scandal.</li><li class="generic-article__summary--li content--li">The items include artworks, Hermes handbags, a Rolls-Royce and limited-edition watches. </li></ul>The Punjab National Bank scandal is likely to cost India’s second largest state-owned lender about US$2 billion. Sale of assets seized from the alleged perpetrators including diamond designer <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, starting this month, suggests a long road to recovery. Through the Enforcement Directorate, the agency responsible for fighting economic crime in India, the government has engaged Mumbai-based Saffronart to auction a litany of luxury goods to recoup its losses. The list includes prized artworks by Indian and Chinese painters, Hermes’ Birkin and Kelly handbags and a Jaeger-LeCoultre watch in platinum. A <keyword id="925742" type="COMPANY" weightage="20" keywordseo="Rolls-Royce-Ghost">Rolls-Royce Ghost</keyword> and a Porsche Panamera S are also going under the hammer. An on-site live auction is set for February 27 and an online bidding on March 3 and 4, with both events expected to raise US$5.7 million and US$7.1 million, respectively, the auction house estimated in an email to the Post on Wednesday. “These works are of significant interest to strong collectors and connoisseurs of Indian and Chinese art,” said Dinesh Vazirani, CEO and co-founder of Saffronart, which has conducted 250 auctions over its 20-year history. “In terms of interest, the bags and cars have a much wider appeal.” Diamond jewellery designer <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi fled India in 2018 after the Punjab National Bank scandal broke out. Photo: Mint via Getty Images Modi fled the country in early 2018, days before the scandal broke out revealing the issuance of letters of understanding for trade that bypassed Punjab National Bank’s internal controls. The Enforcement Directorate has since attached at least US$1 billion worth of assets belonging to Modi and other people charged in the case. Modi is being remanded in the UK’s Wandsworth prison until February 27 as he fights an extradition in a trial that is set to begin in May, according to an Economic Times <a href="https://economictimes.indiatimes.com/news/politics-and-nation/pnb-fraud-case-nirav-modi-to-appear-for-remand-hearing-in-uk/articleshow/73761275.cms" target="_blank" class="link-text">report</a>. on January 30. In another UK courtroom, <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> is appealing against his extradition as India’s government seeks to recover loans tied to the collapse of his <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, the Hindustan Times reported on Wednesday.<h4 style="margin-top: 0.714286rem; margin-bottom: 1.42857rem; font-variant: inherit; font-stretch: inherit; font-size: 2rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"></h4>The two cases bear some semblance to some of <keyword id="21718" type="LOCATION" weightage="20" keywordseo="Asia">Asia</keyword>’s biggest corporate scandals. Low Taek Jho has been in hiding since the US$4.5 billion scandal involving the looting at a Malaysian state investment fund. Carlos Ghosn fled to Lebanon after being charged for alleged financial misconduct while helming Japanese carmaker Nissan Motor. For India, they are emblematic of the state of its banking industry. Years of poor lending controls, weak recoveries and occasional frauds have saddled the financial system with ever more soured loans. The country’s 42 commercial banks collectively wrote off 2.12 trillion rupees (US$29.7 billion) of bad loans in 2018-19, the <a href="https://www.business-standard.com/article/finance/india-s-banks-wrote-off-rs-2-trillion-worth-of-bad-loans-in-2018-19-119112900099_1.html" target="_blank" class="link-text">Business Standard reported</a> , citing official data released in parliament. That was 42 per cent higher than a year earlier, and equivalent to about one-fifth of their non-performing assets, it said. For Saffronart, its business can do with some stamp of recognition. The government last year engaged the firm to auction a cache of works by Indian and Chinese artists, raising almost US$8 million for the tax recovery department. Saffronart has set the industry standard for the process of valuation for artworks and collectibles, Vazirani said, “based on expertise and data analytics.”

Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

According to a report published in The Economic Times (ET), State Bank of India (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>) has initiated a process to acquire <keyword id="126458" type="CITY" weightage="100" keywordseo="UTI-Mutual-Fund">UTI Mutual Fund</keyword>. SBI will then merge it with its asset management arm SBI Mutual Fund. The merger will create India's biggest mutual fund by assets. 
 
The country’s largest state-run bank had mooted the proposal to the Department of Financial Services, which has forwarded it to the Department of Economic Affairs. The report states that presently, the proposal is in its initial stage. "There has been some preliminary discussion," ET quoted a source. 
 
Neither UTI Mutual Fund nor SBI has yet commented on the matter. 
 SBI already has a 18.5% stake in UTI Mutual Fund. Other public sector undertakings (PSUs) like <keyword id="62034" type="CITY" weightage="40" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword>, Bank of Baroda and Life Insurance Corporation also have stakes of 18.5% each in the company. US fund manager T Rowe Price is largest shareholder, having a 26% stake.

SBI To Acquire UTI Mutual Fund

The government on Wednesday asked state-owned banks to defer <keyword id="9420782" type="UNKNOWN" weightage="20" keywordseo="avoidable-expenditure">avoidable expenditure</keyword>, including purchase of <keyword id="9420781" type="UNKNOWN" weightage="20" keywordseo="staff-cars">staff cars</keyword> and refurbishment of guest houses, to ensure more productive utilisation of <keyword id="625899" type="PERSON" weightage="20" keywordseo="financial-resources">financial resources</keyword> amid the coronavirus pandemic. In a detailed advisory to the heads of all <keyword id="6355548" type="UNKNOWN" weightage="20" keywordseo="Public-sector-banks">public sector banks</keyword>, the Department of Financial Services (DFS) said it was necessary that the banks take appropriate measures to ensure productive use of their financial resources for core business activities. The advisory also comes against the backdrop of <keyword id="62034" type="CITY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> recently purchasing three <keyword id="6363321" type="COMPANY" weightage="20" keywordseo="audi">Audi</keyword> cars worth over Rs 1.30 crore for travel of its top executives. Banks are advised to defer avoidable expenditure beyond the current financial year, including purchase of staff cars, except where unavoidable, the advisory said. DFS has also directed the banks to postpone expenditure on decorative, non-functional items for the interiors in non-customer facing premises like administrative offices and back offices, and refurbishment of guest houses. Further, the banks have been asked to effect significant reduction in expenditure on activities other than those pertaining to core business activities. "Economy in expenditure to the tune of 20 per cent year-on-year or more may be effected on activities or heads of expenditure such as entertainment, publicity, by making efficacious use of social media and press releases, and pooling resources with other PSBs (Public Sector Banks) for common publicity campaigns where appropriate," it said. Besides, DFS has directed banks to avoid travel and adopt digital means of communication as well as make effective use of locally available administrative officers. "The bank board's executive committee/ management committee may review the composition of the existing fleet of vehicles engaged on hire, while taking into account functional imperatives and the profitability and the cost to income ratio of the bank's operations and the occupancy level of guest houses," the advisory said. DFS, which comes under the finance ministry, has asked banks to place the advisory before their respective boards and issue appropriate instructions internally. "Top management may also suitably sensitise senior executives to give effect to this advisory in letter and spirit," it said. In addition, DFS has directed banks for revision of entitlements and perquisites such as entitlements to fixed assets like vehicles and furniture and lease/ rent amounts admissible for hired residential accommodations. Amid the pandemic, the finance ministry has asked all ministries and departments not to initiate any new scheme in the current financial year. Earlier this month, the ministry said there was a need to use resources prudently in these difficult times. Schemes that have already been approved for the current financial year would remain suspended till March 31 next year or further orders. SEE ALSO: <a href="https://www.businessinsider.in/business/news/interest-rate-waivers-for-bank-loans-during-moratorium-will-harm-depositors-aibda/articleshow/76419600.cms">Interest rate waivers for bank loans during moratorium will harm depositors: AIBDA</a> <a href="https://www.businessinsider.in/finance/news/only-5-of-the-governments-msme-emergency-loan-package-is-disbursed-after-a-month/articleshow/76437386.cms">Only 5% of the government’s MSME emergency loan package is disbursed after a month ⁠— private banks are sitting tight</a> <a href="https://www.businessinsider.in/business/news/indian-companies-shifting-accounts-to-large-stable-banks-amid-covid-crisis-report/articleshow/76411271.cms">Indian companies shifting accounts to large, stable banks amid COVID crisis: Report</a>

PNB buying Audi cars for its execs is followed by government telling PSU banks to cut 'avoidable' expenses

New Delhi, Nov 18 () Punjab National Bank and Union Bank of India on Monday said they have received in-principal approval from the government for their amalgamation with other public sector banks.
"Bank has received a letter dated November 13, 2019 from Department of Financial Services, Ministry of Finance vide which bank has been advised that Alternative Mechanism (AM), has accorded in-principle approval to proposed amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank," Punjab National Bank said in a regulatory filing.
Punjab National Bank is the transferee bank and Oriental Bank of Commerce and United Bank of India as transferor banks.
In a separate filing, Union Bank of India said, "The bank has received a communication from ministry of finance on November 16, 2019 stating that the alternative mechanism has accorded in-principle approval to proposed amalgamation of the Andhra Bank and Corporation Bank into Union Bank of India".
Union Bank of India is the transferee bank, and Andhra Bank and Corporation Bank are the trasferor banks.
The government in August had announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
According to this, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB).
Syndicate Bank will be merged with Canara Bank Indian Bank will be merged with Allahabad Bank.
In January this year, the Union Cabinet had approved merger Dena Bank and Vijaya Bank with Bank of Baroda. The merger came in to effect from April 1.
With these mergers, the number of PSBs will come down to 12 from 27 in 2017.
Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with State Bank of India.
These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank effective April 2017. KPM NKD BAL

PNB, Union Bank get in-principal nod from govt for proposed merger

<keyword id="6426359" type="General" weightage="80" keywordseo="pnb-housing-finance" source="Orion">PNB Housing Finance</keyword> on Thursday reported an 11.7 per cent rise in net profit at Rs 262.63 crore for the September quarter of 2022-23 on a modest rise in core income. The non-banking finance company had logged a net profit of Rs 235.21 crore in the year-ago period. Total income increased to Rs 1,683.43 crore from Rs 1,586.41 crore in the same period of 2021-22, <keyword id="47268" type="General" weightage="100" keywordseo="pnb" source="Orion">PNB</keyword> Housing Finance said in a regulatory filing. The core interest income of the Delhi-based housing finance company rose 6.5 per cent in the quarter to Rs 1,597.54 crore as against Rs 1,499.88 crore in the year-ago period. Total expenses moved up nearly 4 per cent to Rs 1,343 crore from Rs 1,295.21 crore. Promoted by the country's second-largest state-owned lender <keyword id="62034" type="General" weightage="50" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> (PNB), the company is engaged in the business of providing loans for the purchase, construction, repairs and renovations of housing and commercial properties. On the asset front, gross non-performing assets (NPAs or bad loans) stood at 6.05 per cent of gross advances as of September 30, 2022. Net NPAs were at 3.59 per cent. PNB Housing Finance stock closed at Rs 451.10, up 4.59 per cent, on the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-67-paise-to-82-14-against-us-dollar/articleshow/95113459.cms">Rupee gains 67 paise to 82.14 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-trade-higher-amid-mixed-cues-from-global-markets/articleshow/95113241.cms">Indian markets trade higher amid mixed cues from global markets</a>

PNB Housing Finance Q2 profit rises 12 pc at Rs 263 cr 

Mumbai, Jan 27 () Indian Bank's Association (IBA) on Monday said Punjab National Bank's former MD and CEO, Sunil Mehta, has taken charge as its chief executive.
 Mehta recently retired as the Managing Director and CEO of Punjab National Bank.
 He has succeeded VG Kannan, who demitted office as chief executive of IBA on December 31, 2019, IBA said in a release. HV DRR

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Punjab National Bank's net profit more than doubles to ₹1,127 crore

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PNB clocks 3-fold jump in net profit at ₹2,223 crore for Q3

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Honda India To Woo Customers Through Easy Retail Loans; Ties-Up With PNB

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How one fraudster drove Punjab National Bank to the highest quarterly loss in the history of Indian banking

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Punjab National Bank has reportedly given Jet a ₹20.5 billion lifeline to keep it airborne

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Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

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SBI To Acquire UTI Mutual Fund

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PNB buying Audi cars for its execs is followed by government telling PSU banks to cut 'avoidable' expenses

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PNB, Union Bank get in-principal nod from govt for proposed merger

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PNB Housing Finance Q2 profit rises 12 pc at Rs 263 cr

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Sunil Mehta takes charge as IBA Chief Executive

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