Punjab National Bank Profits Triple and Targets $3 Billion Fundraising

Punjab National Bank reported a more than three-fold increase in standalone net profit for the first quarter of FY27, totaling Rs 5,253 crore compared to Rs 1,675 crore in the same period last year. The surge was driven by improved asset quality and steady growth in advances, with the gross non-performing assets ratio declining by 100 basis points to 2.78 percent. Global advances grew 12.7 percent to Rs 12.73 lakh crore, while the capital adequacy ratio rose to 18.13 percent.

Following the earnings report, the bank announced a comprehensive overseas fundraising target of USD 3 billion. This goal includes a target of USD 2.5 billion in Foreign Currency Non-Resident Bank (FCNR(B)) deposits by September 30 and USD 500 million through overseas bonds.

Executive Director Amit Kumar Srivastava stated that the bank has already raised approximately USD 419 million in FCNR deposits. Despite facing challenges from high global yields and negotiations over dollar availability and pricing, Srivastava indicated that the bank does not intend to revise its deposit rates to meet these objectives.