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Punjab National Bank revised its profit outlook to Rs.7000-7500 crore this fiscal


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State-owned Punjab National Bank (PNB) is optimistic about its financial performance for the current fiscal year after an impressive third-quarter showing.

Revised Profit Guidance

PNB had initially set a profit target of Rs 6,000 crore for the ongoing financial year. However, following a remarkable 253% increase in net profit during the third quarter, the bank has revised its profit guidance to Rs 7,000-7,500 crore.

Strong Q3 Results

In the third quarter ending December 2023, PNB recorded a net profit of Rs 2,223 crore, reflecting a significant surge compared to the same period the previous year.

CEO’s Perspective and Strategy

PNB’s Managing Director and CEO, Atul Kumar Goel, emphasized the bank’s multi-pronged strategy for success. This approach includes increasing market share, particularly in CASA (Current Account Savings Account) and credit offtake in the RAM (Retail, Agriculture, and MSME) segment. Additionally, efforts are directed towards improving asset quality through enhanced recoveries, minimizing slippages, and robust monitoring of special accounts to prevent delinquency.

Positive Outlook for FY24

Last year, Goyal expressed confidence in FY24 being a “golden year” for PNB, citing the bank’s strategic initiatives and unwavering focus.

Future Projections

According to the revised guidance, PNB anticipates a fourth-quarter profit of over Rs 2,000 crore. Goyal also shared expectations for credit growth at 12-13% and deposit growth at 10-11% in the current fiscal year. The net interest margin (NIM) is projected to be 2.9-3%, compared to 3.11% at the end of December 2023.

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