Punjab National Bank's total business crosses Rs 11 trillion

Stock of PNB closed 6% higher at Rs 176.75 on BSE

Public sector lender Punjab National Bank (PNB) on Thursday said it has crossed a total business turnover of Rs 11 trillion and going forward profit will be the main focus of the bank.

"Punjab National Bank, the 123-year-old largest nationalised bank, has achieved another milestone by crossing its total business of Rs 11 trillion," the bank said in a regulatory filing.

The country's second largest public sector lender said that in line with the rationalisation call by the government, the bank is in the process of rationalisation of some of its branches.

"Ultimately, profit is now going to be the main focus of the bank," it said.

Bank's capital adequacy ratio stands above 9 per cent against the requirement of 8 per cent, it added.

From January 1, the bank also raised interest rates on fixed deposits of select maturities by up to 1.25 per cent.

Besides, in under its 'New Year Bonanza' scheme, it has fully waived documentation and processing fee requirement for housing, car and two wheeler loans.

The offer is available till end of the current fiscal.

Stock of PNB closed 5.97 per cent higher at Rs 176.75 on BSE on Thursday.