PNB, REC gain on MoU for power, infrastructure projects

Punjab National Bank (PNB) has entered into a Memorandum of Understanding (MoU) with REC to jointly explore the possibility to fund the Power Sector and Infrastructure & Logistics Sector.

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Shares of Punjab National Bank opened at Rs 80.10, nearly 1 percent higher on the NSE on September 27, a day after it announced an MoU with REC (Rural Electrification Corporation) to fund power sector and infrastructure & logistics projects – possibly amounting to Rs 55,000 crore. Shares of REC were trading at Rs 270.60, 3.2 percent higher at open.

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According to a press release, Punjab National Bank (PNB) has entered into a Memorandum of Understanding (MoU) with REC to jointly explore the possibility to fund the projects under the consortium arrangement. Under this partnership, REC and PNB will associate with each other to co-finance loans amounting to Rs 55,000 crore over next three years.

In Q1FY24, Punjab National Bank reported a 307 percent rise in net profit to Rs 1,255.41 crore for the quarter ending June 2022 where the net profit was Rs 308.44 crore. Net Interest Income also grew by 26 percent year-on-year to Rs 9,504.3 crore for the June quarter.

Also read: Investors over-bullish on PFC, REC; risk-reward not impressive: Green Edge’s Digant Haria

For Q1FY24, REC reported a 21 percent year-on-year increase in net profit to Rs 2,968.05 crore while revenue from operations for the same period grew 16.7 percent year-on-year to Rs 11,087.56 crore for the same period.

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