Punjab National Bank Gears Up for Financial Growth and Recovery
Punjab National Bank is selling over 100 non-performing asset accounts aiming to recover 40-50% to bolster its financial recovery. With strategies for business expansion, the bank plans to reach Rs 30 lakh crore by the fiscal year, focusing on credit growth, operating profit, and corporate lending.
- Country:
- India
In a strategic move to enhance financial recovery, Punjab National Bank (PNB), the country's second-largest public sector lender, has pinpointed more than 100 non-performing asset (NPA) accounts for sale to asset reconstruction companies during this fiscal year.
Speaking to PTI, PNB MD and CEO Ashok Chandra disclosed that the bank expects recoveries in the range of 40-50%, with potential full recovery on accounts bolstered by additional security measures. Chandra emphasized PNB's determination to achieve a total business milestone of Rs 30 lakh crore, buoyed by a solid performance in the first quarter and innovative strategies for growth.
The bank is targeting credit growth between 11-12% and aims for 9-10% deposit growth, supported by a robust corporate loan book pipeline. Besides focusing on deposits, PNB is aggressively promoting corporate lending and project financing, bolstering confidence among corporate borrowers with swift decision-making processes.
(With inputs from agencies.)
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