PNB aims business of 10 lakh crore

The country's second largest public sector lender Punjab National Bank aims to double its profit.

The country’s second largest public sector lender Punjab National Bank aims to double its profit to Rs 7,500 crore in the next four years.

“The bank has set a target to expand total business to Rs 10 lakh crore and earn net profit of Rs 7,500 crore by 2013,” said PNB Chairman and Managing Director K C Chakrabarty,who will take charge of Deputy Governor of RBI on Monday.

The bank ended fiscal 2008-2009 with the net profit of Rs 3,091 crore,a surge of 51 per cent over the previous fiscal.

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The total business of the bank crossed over Rs 2,64,000 crore at the end of March 2009.

During the current fiscal,the bank expects 27 per cent growth in the net profit. “We expect deposit growth of 18-19 per cent,advances to grow by 25 per cent and net profit (to increase by) 26-27 per cent,” he had said.

The growth driver would be better asset liability management,thrust on recovery,focus on customers and financial inclusion,he had said.

Besides,the bank plans to open new line of businesses in the current fiscal including merchant banking subsidiary.

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