NEW DELHI: The country's 2d greatest state-run lender Punjab National Bank (PNB) on Friday mentioned it is taking a look to go out the mutual fund business, additional dilute its stake in its home finance arm, but even so making plans to promote real estate, together with its present headquarters, to lift Rs 12,000 crore over the following two-three years.
At the same time, it has determined to be wary on mergers and acquisitions with MD and CEO Sunil Mehta pronouncing the focus shall be on consolidating the bank's operation, together with center of attention on reorganising branches and pruning unproductive merchandise. "If the government asks us to go for consolidation, we will do so in national interest," he mentioned after announcing the bank's 2d quarter effects.
PNB reported a 2.2% rise in internet profit to Rs 561 crore for September quarter, in comparison to Rs 549 crore a year ago. But on the certain side, the issue of unhealthy debt appeared to have eased by means of September end, when gross non-performing assets as a percentage of gross advances used to be estimated at 13.3%, or Rs 57,630 crore, in comparison to 13.6% (Rs 56,466 crore) at end of September 2016.
Mehta mentioned the bank has received permission to promote its 20% stake in Principal PNB Asset Management Company, whilst paring its stake in PNB Housing Finance by means of as much as nine% from its present protecting of round 39% to retain the promoter tag. Mehta also mentioned the bank used to be exploring the sale of quite a lot of real estate assets, and its present headquarters in South Delhi's Bhikaji Cama place used to be also "in the zone of consideration".
The bank is taking a look to lift round Rs 2,000 crore from the sale of non-core assets and raise round Rs 5,000 crore from the marketplace. The remaining Rs 5,000 crore shall be sought from the federal government.
At the same time, it has determined to be wary on mergers and acquisitions with MD and CEO Sunil Mehta pronouncing the focus shall be on consolidating the bank's operation, together with center of attention on reorganising branches and pruning unproductive merchandise. "If the government asks us to go for consolidation, we will do so in national interest," he mentioned after announcing the bank's 2d quarter effects.
PNB reported a 2.2% rise in internet profit to Rs 561 crore for September quarter, in comparison to Rs 549 crore a year ago. But on the certain side, the issue of unhealthy debt appeared to have eased by means of September end, when gross non-performing assets as a percentage of gross advances used to be estimated at 13.3%, or Rs 57,630 crore, in comparison to 13.6% (Rs 56,466 crore) at end of September 2016.
Mehta mentioned the bank has received permission to promote its 20% stake in Principal PNB Asset Management Company, whilst paring its stake in PNB Housing Finance by means of as much as nine% from its present protecting of round 39% to retain the promoter tag. Mehta also mentioned the bank used to be exploring the sale of quite a lot of real estate assets, and its present headquarters in South Delhi's Bhikaji Cama place used to be also "in the zone of consideration".
The bank is taking a look to lift round Rs 2,000 crore from the sale of non-core assets and raise round Rs 5,000 crore from the marketplace. The remaining Rs 5,000 crore shall be sought from the federal government.
PNB looks to exit MF business, sell HQ to raise Rs 12,000 crore
![PNB looks to exit MF business, sell HQ to raise Rs 12,000 crore]()
Reviewed by Kailash
on
November 05, 2017
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