Punjab National Bank approves merger of PNB Gilts

Punjab National Bank approves merger of PNB Gilts with the company; board approves 26% stake sale in PNB Housing Finance.

Punjab National Bank has announced its fourth quarter results. The company’s Q4 net profit was up at Rs 865 crore versus Rs 543.7 crore.

FY09: Other Income at Rs 2919.6 crore versus Rs 1997.5 crore (YoY); EPS for the company stands at Rs 98.03 for the financial year 2009. The stock is trading at a P/E of 6 based on FY09 earnings.It has posted the net profit margin of 15.99%; best in the last 4 years. The percentage of Gross Non performing Assets for the bank stood at 1.77. As per Basel II norms the capital adequacy ratio for the bank is 14.03.

Punjab National Bank has informed BSE that the Board of Directors of the Bank at its meeting held on May 20, 2009, has decided the following:

1. To apply to Reserve Bank of India for setting up a Company to offer Factoring Services.

2. To disinvest 26% of Bank’s stake in PNB Housing Finance Ltd in favour of M/s. Dawnay Day with a provision to issue fresh capital at a later date to take the disinvestment upto 49%.

No related posts.