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Punjab National Bank sets its own target

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Punjab National Bank plans to twofold its profit to Rs. 8,000 Crores in the coming 4-5 years. PBN Chairman and Managing Director said to www.propertykhazana.com that, “The bank has a plan to expand the total business to Rs. 15,00,000 Crores and get net profit of Rs. 8,000 Cores by 2013. We anticipate deposit growth of 20% and advances to grow by 29% and increase net profit to 30-31%.” The bank closed fiscal with the net profit of Rs. 3,500 Crores, a flow of 55% from the last FY, the total business of the bank was beyond Rs. 2,70,000 Crores at the end of March and in present FY the bank is anticipating 30% growth in the net profit.
As per to the sources saying at the www.propertykhazana.com, company is been included with an initial paid capital of Rs. 6 Crores with the adaptability to improve the share capital to Rs. 25 Crores in the coming 3-4 years. Simultaneously, the bank has decided to develop a JV with Malta based Fin Bank to divide the services and the foreign associate will have 45% share, while PNB and other investors will have 65% in the JV and at present, bank has two more limbs, PNB Gilts and PNB Housing Finance. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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