Leading PSU bank Punjab National Bank cut its prime lending rate by 50 bps, following a reduction in RBI’s repo rate. The move would be effective from December 1.
The bank also said that its second-quarter net profit jumped to Rs 707 crore, from Rs.538.4 crore a year earlier. The bank said that its net interest income for the second quarter jumped to Rs 1,712 crore, from Rs1,291.45 crore in the year earlier.
The bank’s stock rose to Rs 427 on Friday’s intraday trading, up over 6 per cent.
Source: ndtvprofit
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