The Punjab National Bank (PNB) has reported an increase of 12.1 per cent in net profits to Rs 1,205 crore for the second quarter of the year compared to Rs 1,074.5 crore in the same period previous year.

The country's largest nationalised lender saw an increase in interest income resulting in better than expected profits in the quarter. Net interest income for the bank rose 16 per cent to Rs 3,453 crore in the second quarter from Rs 2,977 crore in the same period last year.

Punjab National bank with its huge network constituting of 5, 290 branches along with a customer base of over 60 million credits to be the largest nationalized bank.

While commenting on a recent deal where PNB has agreed to pick up a 30% stake in MetLife India, the Chairman of Punjab national bank, K R Kamath, notified to reveal the commercial terms of the deal after receiving the regulatory approval and said that the agreement includes out-entry as a shareholder and also a deal where the bank will distribute products for the life insurance company.

Stock market analyst Alpesh Furiya has maintained 'buy' rating on Punjab National Bank (PNB) stock with a target of Rs 1425.

According to analyst, the stock can be purchased with a stop loss of Rs1350.

Furiya added said that the investors can achieve the said target within a period of 15 days.

The stock of the company, on Nov 05, closed at Rs 1376 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1385 and a low of Rs 842.10 on BSE.

Current EPS & P/E ratio stood at 133.45 and 10.14 respectively.

Sushil Finance is bullish on Punjab National Bank (PNB) and has recommended 'buy' rating on the stock with a target of Rs 1340 in its latest research report.

According to Sushil Finance, the interested investors can buy the stock above Rs 1325 with a stop loss of Rs 1318.

The stock of the banking institution, on Oct 07, closed at Rs 1316.05 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 1332.70 and a low of Rs 816.85 on BSE.

Current EPS & P/E ratio stood at 128.76 and 10.27 respectively.

India's leading public sector lender Punjab National Bank (PNB) has reported that there has been a significant net profit rise in the first quarter of the current fiscal year. The bank has announced its first quarter financial results for 2010-11.

According to the company, it has registered a net profit of Rs 1,068 crore during the April-June quarter of fiscal year 2010-11.

For the same quarter in the previous year, the net profit of PNB was reported to be Rs 832 crore. Hence there has been a net profit rise of 28% in the quarter under review.

Punjab National Bank, the nation's second-biggest public sector financial arm, on Thursday recorded a 28.4 per cent hike in its net profit to Rs 1,068 crore for the quarter ending June 2010, contrasted with Rs 832 crore in the subsequent period last year.

The growth was geared up by a hike in interest income, whilst the bank handled to put the expenditures under control.

Vijaya Bank, Punjab National Bank and Principal Financial Group, Mauritius, have restructured their JV Arrangements.

As per the release, a Memorandum of Understanding (MoU) was signed to this effect on June 23.

Under the MoU, PNB would get hold of complete equity stake of Principal and Berger Paints of 26% and 25% respectively in the Insurance Brokering Company and Principal's and UK Paints stake of 26% and 32% in Principal PNB Life Insurance Company.

Chairman and Managing Director of Punjab National Bank K R Kamath announced that the banking institution was eyeing to clock a total business of Rs 5.5 lakh crore during the existing fiscal (2010-11).

In addition, Mr. Kamath said that the bank will open around 200 divisions in India during the current fiscal.

While addressing a press meet, Mr. Kamath stated that the bank's total business would be scaled up to Rs 5.5 lakh crore in the existing financial year as against Rs 4.35 lakh crore, which was registered during
2009-10.

The public sector bank, Punjab National bank said that it is going to buy 64 per cent stake in JSC Dana Bank of Kazakhstan. This was said by the Chairman and Managing Director of the bank, K R Kamath.

Talking to the media, he said that the deal has been approved by the Reserve Bank of India and that PNB is looking forward to it.

He also said that the bank is planning to spend $24 million for acquiring the stake. For financing it, the bank will combine dent and internal financing as well.

Stock market analyst Ashwani Gujral is of the view that investors can buy Punjab National Bank (PNB) stock to achieve a short term target of Rs 1050.

According to analyst, the investors can buy the stock with a stop loss of Rs 900.

Today, the shares of the bank opened at Rs 988 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1058.40 and a low of Rs 594.95 on BSE.

Current EPS & P/E ratio stood at 121.27 and 8.20 respectively.

Stock market analyst MB Singh is of the view that investors can hold Punjab National Bank (PNB) stock to achieve a long term target of Rs 1090.

According to analyst, the investors will hold the stock with a strict stop loss of Rs 970.

Today, the shares of the company opened at Rs 1000 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1045 and a low of Rs 471 on BSE.

Current EPS & P/E ratio stood at 115.31 and 8.79 respectively.

Punjab National Bank (PNB) has shown the highest increase in the number of non-performing assets (NPAs). The list included only the state-owned banks and on the number one position was PNB.

The report submitted by the Standing Committee of Finance that was submitted in the Parliament showed that PMB has seen a three times increase in the number of bad loans. The total worth of the same has reached Rs. 842 crore. On the second position was Union Bank of India which was followed by Corporation Bank, Bank of India, Vijaya Bank and Canara Bank.

With a view to get the financing much more accessible to its consumers, GM India and Punjab National Bank have recently signed a MoU under which it will be a lot easier for the GM consumers to get the financing deals done.

The agreement was signed by Ankush Arora, Vice President, Sales, Marketing & After Sales, General Motors India and Sudeshna Sharma, General Manager (Retail), Punjab National Bank.

Country's leading public sector lender, Punjab National Bank (PNB) is set to sell its 26 per cent stakes in PNB Housing Finance Ltd. (PNBHFL) under a definitive agreement to M/s. Destimoney Enterprises Pvt. Ltd.

The current transaction stands at Rs 791.7 million according to sources concerned with the development.

M/s. Destimoney Enterprises Pvt. Ltd is also entitled to extend its shareholdings in PNBHFL up to 49% to enhance its stakes in the firm.

Stock market analyst Ashwani Gujral has maintained 'Buy' rating on Punjab National Bank (PNB) to achieve a short term target of Rs 900.

According to Mr. Gujral, interested traders can buy the stock with a strict stop loss of Rs 815.

Today, the shares of the bank opened at Rs 846 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 898.70 and a low of Rs 286.20 on BSE. Current EPS and P/E of the stock stood at 115.14 & 7.40 respectively.

Punjab National Bank (PNB), India’s second-major public sector bank, has decided to purchase 63% stake in Kazakhstan-based Dana Bank.

PNB functionaries stated in a communiqué that this acquisition is going to be bank’s first international acquisition which will entail an investment of $24 million (about Rs 115 crore).

The sources informed that the bank is having a representative office in Kazakh city Almaty.

Technical expect Sudarshan Sukhani has given a buy call for banking major PNB with a target of Rs 890. The stock is currently trading at Rs 867, up by Rs 2.5 on National Stock Exchange.

During trading call on CNBC TV18, Mr. Sudarshan Sukhani has suggested a stop loss of Rs 850 for the counter. The stock has touched an intraday high of Rs 875 today. The stock is trading near its 52-week high.

PNB is trading at a P/E multiple of 8 compared to an industry average of 10. PNB has touched a 52-week high and low of Rs 875 and Rs 286.

Punjab National Bank (PNB), India's second largest public sector lender has decided to purchase a stake in Kazakhstan's Metrokombank.

The sources said that the pact may be concluded after due diligence is finalized.

The officials of Metrokombank stated in a communiqué that the deal will take place once several conditions are met, including a due diligence check and regulatory approvals.

The sources informed Metrokombank ranks 30th among Kazakhstan's 37 banks by assets, with 4.7 billion tenge (US$31.1mn) in assets as of Sept. 1.

Punjab National Bank (PNB), India's leading public sector lender, has cut down home and car loans rates by 50 basis points.

In order to entice people, the bank has introduced `PNB Festival Season Bonanza Offer 2009` under which, customers will get housing loans up to Rs 3 million at discounted rate of interest of 8.50% under fixed interest rate option (fixed for three years) across all repayment tenors, besides full waiver of processing (upfront) fee and documentation charges during the festival season.

Punjab National Bank (PNB), the country's second largest Public Sector lender, has reported a net profit of Rs 832.05 crore for the quarter ended June 2009, as against Rs 512.40 crore in the corresponding quarter last year, registering a growth of 62.39 per cent.

Further, total income of state-run lender has also increased to Rs 6,177.58 crore during the April-June quarter, from Rs 4,594.62 crore in the corresponding period a year-ago.