4,000 crore raised from Tier-Two bonds till December- PNB managing director SS Mallikarjun Rao said, “We have raised Rs 4,000 crore from Tier-II bonds and Rs 3,788 crore from QIP till the end of December. In January, we have raised 500 crore more from AT-1. I am confident that with additional Tier-I bonds, we will raise the remaining Rs 2,500 crore before 31 March.
Talking to the media after the quarterly results of the bank, Rao said that we will come to the market at an opportune time to raise the remaining Rs 3,200 crore from QIP. This can happen in this financial year. He said that the capital adequacy ratio of the bank is not only sufficient to meet the requirement of March 2021 but also for the next financial year.
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PNB’s net profit on a single basis stood at Rs 506.03 crore in the third quarter of the current financial year. The bank’s profit has increased due to reduction in stuck debt. Earlier, the bank had a net loss of Rs 492.28 crore in the same quarter of the financial year 2019-20. PNB said in a notice to the stock market on Friday that the bank’s total income increased to Rs 23,298.53 crore in the quarter under review, from Rs 15,967.49 crore in the third quarter of 2019-20 a year ago.