PNB gain 9% in four days on fund raise plans, Q3 earnings

The bank will raise up to Rs 7,500 crore through Qualified Institutions Placement or a Follow-on Public Offer while ensuring that the government’s stake does not fall below 52 percent

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Punjab National Bank shares extended their winning streak to the fourth straight session on January 30, surging 9 percent during the period, buoyed by the state-owned lender’s plans for a Rs 7,500-crore fund raise and healthy December quarter earnings.

On January 29, the bank’s board gave the go-ahead to raise up to Rs 7,500 crore through Qualified Institutions Placement (QIP) or Follow-on Public Offer (FPO) during FY25.

“The board approved the raising of equity capital for a total of up to Rs 7,500 crore in one or more tranches during FY25 through Qualified Institutions Placement (QIP)/Follow-on Public Offer (FPO) or any other permitted mode or a combination,” the lender stated in a regulatory filing.

The funds would be raised to ensure that the government stake in the lender does not fall below 52 percent. The government holds a 73.15 percent stake in the bank, data for December quarter show.

At 9.23 am, PNB was trading at Rs 107.80 on the National Stock Exchange (NSE).

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The public sector lender’s December  quarter net profit jumped three times on year to Rs 2,222.8 crore. Its net interest income (NII) also rose by 12.13 percent on year to Rs 10,293 crore, the bank reported last week.

Retail loans grew 13 percent year-on-year and brokerage firm Motilal Oswal Financial Services expects it to register a 14 percent growth for FY24.

The firm also forecasts PNB to deliver a CAGR of 18 percent and 28 percent in assets under management and net profit, respectively, over FY24-FY26 and around 2.5 percent and 13.5 percent return on assets (RoA) and (return on equity (RoE) in FY26.

Also Read | Punjab National Bank Q3 Results: Net profit jumps three times, asset quality improves

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