Punjab National Bank has decided to sell its entire stake in India Factoring & Financial Solutions (IFFSL) to parent promoter Fll (FIM Bank Malta) after receiving regulatory approvals. The transaction shall be completed during the current quarter ending March 31, 2014.
Punjab National Bank has reported 42.14% fall in its net profit at Rs 755.41 crore for third quarter ended December 31, 2013 as compared to Rs 1305.62 crore for the same quarter in the previous year. However, total income of the bank has increased by 3.68% at Rs 11922.30 crore for quarter under review as compared to Rs 11499.27 crore for the quarter ended December 31, 2012.