Punjab National Bank Surges with Record Profit Growth: A Testament to Strategic Transformation

Punjab National Bank (PNB) has achieved significant profit growth, topping the charts among public sector banks. Through strategic transformation initiatives, PNB's net NPA has reduced to 0.7%, and profitability is expected to improve further. The bank aims to expand its network and business portfolio, with anticipated credit growth of 11-12%.


PTI | New Delhi | Updated: 02-06-2024 14:32 IST | Created: 02-06-2024 14:32 IST
Punjab National Bank Surges with Record Profit Growth: A Testament to Strategic Transformation
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Punjab National Bank (PNB) is poised for unprecedented growth, having recorded the highest profit growth of 229% among public sector banks for the fiscal year ending March 2024, according to Managing Director Atul Kumar Goel.

Despite a challenging history with high non-performing assets and provision coverage ratios, PNB's strategic initiatives have paid off. The bank's net non-performing assets have been slashed to 0.7%, and its net profit surged to Rs 8,245 crore from Rs 2,507 crore in the previous fiscal year.

Looking forward, Goel announced aggressive plans to further reduce net NPAs, expand the retail and MSME portfolio, and grow the bank's footprint domestically and internationally. PNB aims to enhance its profitability metrics significantly through these initiatives.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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