Punjab National Bank raises Rs 1000 cr through long term bonds

Public sector lender Punjab National Bank today said it has raised Rs 1,000 crore through long term bonds on private placement basis.

"The bank has raised Rs 1000 crore long term bonds at an annual coupon of 8.23% on private placement basis on February 09, 2015, through five arrangers," the company said in a BSE filing.

During the third quarter ended December 31, 2014, the company reported a marginal 2.5% increase in net profit to Rs 774.56 crore.

This was against a net profit of Rs 755.41 crore for the October-December quarter of the 2013-14 financial year.

Its gross NPAs as a percentage to total advances rose to 5.97% from 4.96% in the same quarter an year ago while its net NPAs went up to 3.82% from 2.80% at the end of December 2013.

The total income increased to Rs 12,904.85 crore for the quarter ended December 31, 2014 from Rs 11,922.30 crore in the same quarter last fiscal. Operating profit of PNB remained flat at Rs 2,751 crore as against Rs 2,702 crore in the year-ago period.

Shares of PNB were trading at Rs 172 apiece, up 3.12% from its previous close on BSE.