PNB eyes Rs 5,250 cr business in current fiscal

Punjab National Bank (PNB) has set a target of Rs 5,250-crore business in its Orissa circle during the current financial year. The target is Rs 1314-crore (about 33 per cent) more than the bank’s total business in the state last year.

In 2009-10, PNB had achieved Rs 3931 crore business, which was 21.10 per cent more than the previous year’s record. Out of the Rs 5250 crore target set for the current year, Rs 3600-crore will come in the form of deposits while Rs 1650-crore will be advances. The bank had achieved Rs 2669-crore deposits and Rs 1262-crore advances in 2009-10 registering a growth of 17.45 percent and 29.63 percent respectively.  The Credit-Deposit (CD) ratio of the bank was increased from 42.94 percent in 2008-09 to 47.28 percent by the end of March 2010.   Like the previous year, the bank will give priority to retail, agriculture and MSME sectors in advances during the current financial year, said BP Ray, head of PNB Orissa Circle.

The priority sector advances of the bank grew by 39.66 percent to Rs 550.28 crore in 2009-10 while the lending to agriculture sector grew by 15.45 percent to Rs 201.17 crore. In the retail segment, the growth in education loan was 43.17 percent, housing loan 14.33 percent and vehicle loan 32 percent. The credit flow to Micro Small and Medium Enterprises (MSME) was Rs 467 crore by the end of March last registering a growth of 81.71 percent.  The net profit of PNB’s Orissa circle grew by 12.75 percent to Rs 62.61 crore in 2009-10.

The bank proposes to open at least 52 new branches, mosChhattisgarh plans for faster

PMGSY works in Naxal belttly in un-banked areas, in the state during the current financial year. The network expansion will help us to achieve the target, Ray said. Similarly the bank intends to install around 125 new ATMs in different parts of the state. By the end of 2009-10, PNB had 71 branches and 81 ATMS in the state.