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PNB raises Rs 1000 crore through long-term bonds

Public sector lender, Punjab National Bank (PNB), has raised INR 1,000 crore through long term bonds on private placement basis.

The company said in a BSE filing that it has raised INR 1,000 crore long term bonds at an annual coupon of 8.23 percent on private placement basis on February 09, 2015, through five arrangers.

PNB reported a marginal 2.5 percent increase in net profit to INR 774.56 crore during the third quarter ended December 31, 2014. This was against a net profit of INR 755.41 crore for the October-December quarter of the 2013-14 financial year.

PNB's gross NPAs as a percentage to total advances rose to 5.97 percent from 4.96 percent in the same quarter a year ago while its net NPAs rose to 3.82 percent from 2.80 percent at the end of December 2013.

The total income rose to INR 12,904.85 crore for the quarter ended December 31, 2014 from INR 11,922.30 crore in the same quarter last fiscal.

Operating profit of PNB remained flat at INR 2,751 crore as against INR 2,702 crore in the year-ago period. Shares of PNB were trading at INR 172 apiece, up 3.12 percent from its previous close on BSE.