PNB will raise loan rates by 5 bps throughout the mandates from December 1 | Popgen Tech


Punjab National Bank (PNB), one of the largest public sector lenders in the nation, has declared that from tomorrow, its MCLR (Marginal Cost of Funds Based Landing Rate) will increase by 5 bps. According to a stock exchange filing, the bank increased the MCLR in all tenors by 5 bps. Prior to this, on 01-11-2022, the PNB increased the MCLR on tenors by 30 bps. The interest rate on MCLR/RLLR + BSP linked advances is currently 0.25%.

Effective after the announcement, overnight MCLR increased from 7.40% to 7.45%, one-month MCLR increased from 7.45% to 7.50%, three-month MCLR increased from 7.55% to 7.60%, MCLR of ‘ six months increased to 7.75%. % to 7.80%, 1-year MCLR rises from 8.05% to 8.10% and 3-year MCLR rises from 8.35% to 8.40%. Due to the Marginal Cost of Funds Based Lending Rate (MCLR) of 5 basis points, PNB customers who have taken loans will now pay higher EMIs. On new car loans, the 1-year MCLR+0.10% is currently 8.15%, and for old car loans the 1-year MCLR+1.10% is currently 9.15%.


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PNB’s net profit for Q2FY23 was 411 crore, an increase of 33.4% on a quarter-on-quarter basis, while the operating profit for the quarter was 5567 crore, up 38.5% YoY. Net interest income grew by 30.2% YoY to 8271 Crore in Q2 FY23 while global NIM rose by 61 bps to 3.00% from 2.39% in Q2 FY22. The bank reported a cost-to-income ratio for Q2 FY23 of 49.93%, an improvement of 834 bps on a year-on-year basis. In addition, retail credit rose by 16.95% on a year-on-year basis to 155409 Crore from Q2FY23. The bank’s CASA share is 44.91% of domestic deposits, while its GNPA ratio grew by 315 bps to 10.48% in Q2FY23 from 13.63% in the year-ago quarter.

As of 30 Sep’22, the bank has 10038 domestic branches, 3863 rural branches, 2445 semi-urban branches, 1998 urban branches & 1732 metro area branches. International branches were 2, while 12966 number of ATMs and 20447 BCs reported by the bank in Q2.

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