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Year 2023-24 to be the golden year for Punjab National Bank, says MD Atul Kumar Goel


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Punjab National Bank (PNB) is expecting the upcoming financial year to be a great one for the bank. Its managing director, Atul Kumar Goel, believes that the bank’s multi-pronged strategy and focused approach will lead to success. In his message to shareholders, Goel stated that the bank aims to improve its operational efficiency to achieve sustainable and profitable growth in the year ahead.

To achieve this, PNB has outlined several key areas of focus. The bank plans to increase its market share by boosting both the Current Account Savings Account (CASA) share and the amount of credit it provides, particularly in the Retail, Agriculture, and MSME segments. PNB also wants to improve the quality of its assets by increasing the rate at which it recovers money, minimizing the number of loans that go bad, and closely monitoring special accounts to prevent them from becoming delinquent. Additionally, the bank aims to improve its collections efficiency, making it easier for customers to repay their loans.

PNB is also prioritizing digital transformation. This means using technology and digital platforms to attract more business. The bank wants to provide better customer service and experiences by focusing on the needs and preferences of its customers. Furthermore, PNB aims to enhance the efficiency and productivity of its employees by implementing changes that will benefit them.

In the previous fiscal year, PNB took several steps towards digitalization. This included introducing more than 35 digital services, particularly for customers in the Retail, Agriculture, and MSME segments. The bank also made it easier for customers to open new accounts under CASA through Tab banking, which reduced the time it takes to complete the process.

Goel expressed confidence that the upcoming year will be a golden one for PNB. He believes that with the right strategy, focus, and clear vision, the bank will achieve excellent performance and provide greater value and returns to its stakeholders.

Punjab National Bank (PNB) Report Card

In terms of financial results, PNB achieved an operating profit of ₹22,529 crore and a net profit of ₹2,507 crore in the previous fiscal year. The net profit recorded in the fourth quarter was the highest since the bank’s amalgamation. The bank’s net interest income, which is the money it earns from loans and investments, reached ₹34,492 crore, showing a growth rate of 20.2% compared to the previous year.

The net interest margin, which measures the bank’s profitability, increased by 35 basis points to 3.06%. The return on assets, which indicates how well the bank uses its assets to generate profit, was 0.18%, while the return on equity, which measures the bank’s profitability from the perspective of its shareholders, was reported as 3.94%.

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