PNB DECLARES ITS FINANCIAL RESULTS FOR THE QUARTER & FY ENDED 31st MARCH 2016

PNB DECLARES ITS FINANCIAL RESULTS FOR THE QUARTER & FY ENDED 31st MARCH 2016

Smt. Usha Ananthasubramanian, Managing Director and CEO Punjab National Bank today declared financial results of the Bank alongwith Shri K.V. Brahmaji Rao and Dr. Ram S. Sangapure –  Executive Directors at a Press Conference in New Delhi today.  

Riding on Digital Wave and re-orientation towards the Small Ticket Business PNB has recorded 9.5 % growth in Global Business and set many new landmarks on way. Maintaining its fresh qualitative growth PNB has also other achievements.

The landmarks crossed by the PNB are:

  • Operating Profit of over Rs.12000 crore
  • Operating profit over Rs.10000 crore consecutively for five years
  • Global business over Rs.9,65,000 crore
  • CASA deposits crossed Rs.2,00,000 crore landmark reaching 41.6%
  • Savings deposits at Rs.1,70,000 crore
  • One of the highest NIM in the industry at 2.60%

Bank is not the exception to the current stressed assets environment yet it is equally focussed on cleansing the bank’s balance sheet. The level of the total stressed assets increased around 40 bps over its December’15 position. The gross non-performing advances of the Bank are at Rs.55,818 crore i.e. 12.9% and net non-performing advances are at Rs. 35423 crores i.e. 8.6%.

Bank is pioneer in the War-Room strategy for real time monitoring and follow up of stressed assets PNB has recorded Rs.12128 Crore reduction. The recovery in written off accounts which is normally difficult especially in a challenging environment like the present one is one of the highest at Rs. 2297 Crore during the FY’16.

Bank has also strengthened recovery vertical at Head Office by posting of Two General Managers. Bank has also strengthened monitoring vertical at Head Office to prevent slippages headed by General Manager. Also, the War Room is headed by another independent General Manager from where real time follow-up of non-performing accounts remains on.

While the PNB seems to be rightly focussed on the current priority it has show-cased its way forward which includes people development, improvement in CASA deposits, digital products, improvement in customer service, increase in qualitative credit, war on NPAs and profit maximisation all under a integrated initiative under ‘PNB Indradhanush’ driven by Ms. Usha Ananthasubramanian.

Author: sarkarimirror