State-owned Punjab National Bank (PNB) has slashed interest rates for bulk deposits over one month but raised it for deposits under one month. For deposits from one month to under 3 months, the new rate is 7.25 percent, down from 7.5 percent, while for bulk deposits from 91 days to under one year the new deposit rate is 8.5 percent from 8.75 percent earlier. However PNB has not touched its retail or non-bulk deposits despite the fact that a few weeks back the country's largest public lender SBI cut its retail deposit rates for one year and above to 8.75 percent; in this category, PNB and other banks still offer 9 percent. In an interview to CNBC-TV18, KR Kamath, CMD, PNB, said the liquidity available in the system is enough to meet credit demand, however the rate cut in retail deposits will depend on the credit rate pick-up. The bank did not touch interest rates for deposits up to Rs 1 crore, which constitutes around 20-25 percent of deposit base. Kamath said the rate cut may impact net interest margin by 10 bps. PNB stock price On October 10, 2014, at 14:10 hrs Punjab National Bank was quoting at Rs 899.55, down Rs 4.1, or 0.45 percent. The 52-week high of the share was Rs 1068.00 and the 52-week low was Rs 459.80. The company's trailing 12-month (TTM) EPS was at Rs 95.90 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 9.38. The latest book value of the company is Rs 991.39 per share. At current value, the price-to-book value of the company is 0.91.
Friday, 10 October 2014
PNB cuts term deposit rates for up to 1 year to 8.5%
State-owned Punjab National Bank (PNB) has slashed interest rates for bulk deposits over one month but raised it for deposits under one month. For deposits from one month to under 3 months, the new rate is 7.25 percent, down from 7.5 percent, while for bulk deposits from 91 days to under one year the new deposit rate is 8.5 percent from 8.75 percent earlier. However PNB has not touched its retail or non-bulk deposits despite the fact that a few weeks back the country's largest public lender SBI cut its retail deposit rates for one year and above to 8.75 percent; in this category, PNB and other banks still offer 9 percent. In an interview to CNBC-TV18, KR Kamath, CMD, PNB, said the liquidity available in the system is enough to meet credit demand, however the rate cut in retail deposits will depend on the credit rate pick-up. The bank did not touch interest rates for deposits up to Rs 1 crore, which constitutes around 20-25 percent of deposit base. Kamath said the rate cut may impact net interest margin by 10 bps. PNB stock price On October 10, 2014, at 14:10 hrs Punjab National Bank was quoting at Rs 899.55, down Rs 4.1, or 0.45 percent. The 52-week high of the share was Rs 1068.00 and the 52-week low was Rs 459.80. The company's trailing 12-month (TTM) EPS was at Rs 95.90 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 9.38. The latest book value of the company is Rs 991.39 per share. At current value, the price-to-book value of the company is 0.91.
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