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

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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 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 authorised capital of 25 crore and paid up capital of 15 crore. “The authorised capital of the company is 25.00 crore (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 filinh.

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

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

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

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