Punjab National Bank on Wednesday stated that it has integrated PNB Cards & Services, an entirely owned subsidiary of the bank. The new entity will commence non-financial support service related to bank's credit card business, the lender said in a regulatory filing.
"The Exchange is hereby informed that a wholly owned subsidiary of the Bank namely PNB Cards & Services Limited has been incorporated on 16.03.2021 by the Registrar of Companies, Delhi to undertake the non-financial support services related to credit card business of the Bank," the
bank said in BSE filing.
PNB Cards & Services has approved capital of Rs. 25 crore and paid up capital of Rs. 15 crore. "The authorised capital of the company is Rs. 25.00 crore (divided into 250,00,000 Equity Shares of Rs. 10/- each) and the paid up capital is Rs. 15. 00 crore (divided into 150,00,000 Equity Shares of Rs. 10/- each)," Punjab National Bank mentioned in the filing.
"The information is being submitted in compliance of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015," it further added.
Punjab National Bank reported a standalone net profit of Rs. 506.03 crore for December quarter 2020-21. It had placed a net loss of Rs. 492.28 crore in the year-ago period. Total income in the quarter under review rose to Rs. 23,298.53 crore as against Rs. 15,967.49 crore, PNB said in a regulatory filing.
On a joined basis, there was a profit of Rs. 585.77 crore during the latest quarter. The lender had posted a net loss of Rs. 501.93 crore in same period of 2019-20. The consolidated income increased to Rs. 23,639.41 crore from Rs. 16,211.24 crore.
With effect from 1 April, 2020, PNB merged United Bank of India and Oriental Bank of Commerce with itself subsequent government's merger plan.
