Punjab National Bank incorporates new entity PNB Cards & Services for credit card biz

Punjab National Bank on Wednesday said that it has incorporated PNB Cards & Services, a wholly-owned subsidiary of the bank. The new entity will undertake non-financial support services related to the 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 authorized capital of 25 crores and paid-up capital of 15 crores. “The authorized capital of the company is 25.00 crores (divided into 250,00,000 Equity Shares of 10/- each) and the paid-up capital is 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 with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015,” it further added.

Punjab National Bank reported a standalone net profit of 506.03 crores for December quarter 2020-21. It had posted a net loss of 492.28 crores in the year-ago period. Total income in the quarter under review rose to 23,298.53 crores as against 15,967.49 crores, PNB said in a regulatory filing.

On a consolidated basis, there was a profit of 585.77 crores during the latest quarter. The lender had posted a net loss of 501.93 crores in the same period of 2019-20. The consolidated income increased to 23,639.41 crores from 16,211.24 crores.

With effect from 1 April 2020, PNB merged United Bank of India and Oriental Bank of Commerce with itself following the government’s merger plan.



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