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Punjab National Bank declares Q-1(FY 2017-18) results

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Punjab National Bank declares Q-1(FY 2017-18) results

Shri Sunil Mehta, Managing Director & CEO Punjab National Bank declared Quarterly Results of the Bank alongwith Shri K.V. Brahmaji Rao and Dr. Ram S. Sangapure, Executive Directors of the Bank. The Bank’s Global Business stood at Rs.1025366 Crore in June’17 registering YoY growth of 8.4%. CASA Deposit increased by Rs.48041 Crore to Rs.251551 Crore in June’17 from Rs.203510 Crore in June’16 registering YoY growth of 23.6%. The share of CASA deposits in Domestic Deposits increased to 43.96% in June’17 from 41.39% in June’16.

2.​Bank’s credit segment of upto Rs.5 Crore has grown by 15% YoY. Retail Loans comprising of Housing, Car, Education etc., has grown by 16% YoY supported by Housing and Car Loan which have grown by 17% YoY. Bank has achieved the National Goals under Priority Sector Advances. Operating Profit of the Bank increased to Rs.3217 Crore in June’17 from Rs.2820 Crore in June’16 registering YoY growth of 14.1%. Net Profit of the Bank increased to Rs.343 Crore in June’17 from Rs.306 Crore in June’16 with YoY growth of 12.1%. Fee Based income at Rs.1340 Crore has posted YoY growth of 31.1%.

3.​The Bank witnessed decline in Cost to Deposits to 5.10% in Q1 FY’18 from 5.46% in Q1 FY’17. In terms of Profitability Ratio, Return on Equity (ROE) has improved to 3.54% in Q1 FY’18 from 3.43% in Q1 FY’17. The Net NPA of the Bank reduced to Rs.34573 Crore (8.67%) in June’17 from Rs.35729 Crore (9.16%) in June’16. Gross NPA of the Bank is at Rs.57721 Crore (13.66%) in June’17. The Provision Coverage Ratio (PCR) of the Bank has improved to 58% in Q1 FY’18 from 52% in Q1 FY’17.

4.​The Bank has launched a comprehensive Transformational & Business Excellence Programme “MISSION PARIVARTAN” which has been put in action to Orient the Bank towards adding more efficiency, profitability and productivity. The acronym PARIVARTAN encompasses: Profit, Asset Quality, Recovery, Increase Credit, Vigilant, Alternate Delivery Channels, Retail Business, Turn Around Time, Ambience and New Relationships.

5.​The Bank has launched number of new age digital initiatives to provide greater ease and improved delivery of products and services to customers viz. BHIM PNB, E-Wallet PNB Kitty, TAB Banking, PNB Genie App- Single Point Destination for Credit Card Holders, PNB National Electronic Toll Collection etc. To meet the ever increasing transaction volume and new App based channels, the Bank has initiated project of upgrading Banking Technology to Finacle version 10.2.x.