Despite fraud, PNB's 2017-18 domestic business up 7.9%

Despite a major fraud, state-run Punjab National Bank (PNB) on Friday reported a 7.9 per cent growth in its domestic business which crossed the Rs 10 lakh crore mark during 2017-18.

"Global business of the bank hovers around Rs 11 lakh crore, the domestic business of the bank has reached new milestone by crossing Rs 10 lakh crore registering 7.9 per cent YoY growth for the FY 2017-18," the bank said in a statement.

"Domestic deposit has remained above Rs 6 lakh crore with YoY increase of 6.2 per cent. The savings bank deposit has increased to Rs 224,109 lakh crore."

"From the beginning when the fraud was detected and reported to the authorities by us, the bank had communicated that it has a strong balance sheet to meet any liabilities; This reflects in our numbers as well," PNB Managing Director and CEO Sunil Mehta was quoted as saying in the statement.

"Our deposits have grown in line with the industry and our credit has grown by 9.9 per cent, which is in line with our guidance. The turmoil during the last one-and-a-half months has not converted into loss of confidence among the customers or staff members."

--IANS

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