This makes it the second public lender after SBI to cut the term deposit rates.
State-owned Punjab National Bank (PNB) has revised interest rates on term deposits of Rs 1-10 crore. The bank has cut the rate on deposits for the tenure of 271 days to 1 year by 25 bps to 8.5 percent from 8.75 percent. This makes it the second public lender after SBI to cut the term deposit rates.
The country’s largest public lender State Bank of India last month slashed the deposit rates to 8.75 percent from 9 percent for 1-3 years. In an earlier interview to CNBC-TV18, KR Kamath, CMD, PNB, has said that the bank too has been looking at revision of rates as they have “enough liquidity in the bank to meet the reasonable credit demand”.
However, he added that the call on lending rate would depend on credit pick up.
PNB stock price
On October 10, 2014, at 12:03 hrs Punjab National Bank was quoting at Rs 894.00, down Rs 9.65, or 1.07 percent. The 52-week high of the share was Rs 1068.00 and the 52-week low was Rs 459.80.
The company’s trailing 12-month (TTM) EPS was at Rs 95.90 per share as per the quarter ended June 2014. The stock’s price-to-earnings (P/E) ratio was 9.32. The latest book value of the company is Rs 991.39 per share. At current value, the price-to-book value of the company is 0.90.