PNB’s Net Profit zooms to Rs.1325 Cr. for FY 2016-17
PNB’s Net Profit zooms to Rs.1325 Cr. for FY 2016-17
Shri Sunil Mehta, Managing Director & CEO of Punjab National Bank declared Annual Results of the Bank alaongwith Shri K.V. Brahmaji Rao, Dr. Ram S Sangapure and Shri Sanjiv Sharan, Executive Directors of the Bank. The Bank’s Business reached Rs.1041197 Crore as on Mar’17 registering YoY growth of 7.9%. CASA Deposit increased by Rs.54433 Crore from Rs.205583 Crore as on Mar’16 to Rs.260016 Crore as on Mar’17 with 46.0% share in Domestic Deposit.
- Punjab National Bank Gross NPA has come down from Rs.55818 Crore in Mar’16 to Rs.55370 Crore in Mar’17. The Net NPA of the Bank which was Rs.35423 Crore as on Mar’16 have also come down to Rs.32702 Crore as on Mar’ 17 as the focus and pace of Recovery has been maintained by the Bank. With real time monitoring fresh additions are under control. The Bank has recorded higher quarterly Operating Profit of Rs.6232 Crore as compared to Rs.2621 Crore in the corresponding period last year as well as Rs.2781 Crore for Q3 FY’17. Operating Profit for FY’17 stood at Rs.14565 Crore as against Rs.11339 Crore during FY’16 registering YoY growth of 28.4%.
- Net Profit of the Bank stood at Rs.1325 Crore for the FY’17 as against the net loss of Rs.3974 Crore for FY’16. Bank’s Provision Coverage Ratio (PCR) has increased from 51.06% in Mar’16 to 58.57% in Mar’ 17.
- Bank has recorded growth in Business as well as Stability in Asset Quality. The Bank is also on acceleration of its Digital Wave and upgradation of Core Banking Technology i.e. FINACLE 10.
