PNB's net profit to cross ₹20,000cr mark in FY27
What's the story
Punjab National Bank (PNB) is confident that its net profit will cross the ₹20,000 crore mark in FY27. The assurance comes from Ashok Chandra, the Managing Director and CEO of the bank. He said this while talking about PNB's consistent financial performance over the past four quarters. Last fiscal year, PNB had reported a net profit of ₹16,904 crore.
Financial stability
Net profit over ₹5,000cr every quarter
Chandra highlighted that PNB has been posting a net profit of over ₹5,000 crore every quarter since Q2 of the last fiscal.
He said this trend continued in the first quarter of the ongoing fiscal year as well.
"I am hopeful and confident that with the profitable growth, which is happening in the system...we will be surpassing the ₹5,000 crore number and every quarter will be reaching a new height," he told PTI.
Growth plan
Targeting loan growth of 12-13%
To achieve the ambitious target of ₹20,000 crore in net profit, Chandra said PNB is focusing on mega outreach activities every quarter.
The bank will also focus on asset creation in retail, agriculture, MSMEs, and self-help groups.
He projected an overall loan growth of 12-13% and deposit growth of 9-10% during the ongoing fiscal year.
New venture
PNB to foray into acquisition finance
Chandra also revealed that PNB will enter acquisition finance in Q3 of the current fiscal year.
This comes after the Reserve Bank of India (RBI) recently opened the window for lenders.
Earlier this year, RBI issued final guidelines on acquisition finance by banks, raising the lending limit to up to 75% of deal value from 70% proposed in draft rules.