PNB may increase interest rates by 25-30 basis points next month

New Delhi [India], January 28 (ANI): Punjab National Bank (PNB) is likely to increase interest rates by 25 to 30 basis points in February this year, PNB’s Managing Director and Chief Executive Officer SS Mallikarjuna Rao said on Friday.
Addressing a virtual press conference, Rao pointed out that the interest rates of PNB are among the lowest. PNB’s home loan interest rates range from 6.5 to 7 per cent.
Responding to a question regarding Air India dues, Rao said, “Air India dues of about Rs 4,000 crore have been recovered. All the outstanding from Air India has been paid off.”
PNB posted a 123 per cent year-on-year increase in net profit at Rs 1,127 crore in the third quarter of the current financial year largely due to lower provisions.
The government-owned bank’s total income during the quarter was Rs 22,026 crore as against Rs 23,042 crore recorded during the same quarter of the previous year.
On a quarter-on-quarter basis, however, the bank’s revenue increased by 3.76 per cent. (ANI)