The financial institution has revised the sooner revenue goal of Rs 6,000 crore to Rs 7,000-7,500 crore for the present monetary 12 months, PNB MD and CEO Atul Kumar Goel stated | Picture Credit score: Ruby Sharma
Enthused by a stellar efficiency within the third quarter, state-owned Punjab Nationwide Financial institution (PNB) has raised its revenue steering to Rs 7,000-7,500 crore for the present monetary 12 months.
Earlier, the second largest lender had set a revenue estimate of Rs 6,000 crore for the continuing fiscal.
With a 253 per cent bounce within the web revenue within the third quarter, the underside line of the financial institution within the three-quarters of FY24 crossed Rs 5,230 crore.
The financial institution has revised the sooner revenue goal of Rs 6,000 crore to Rs 7,000-7,500 crore for the present monetary 12 months, PNB MD and CEO Atul Kumar Goel stated.
Going by revised steering, the fourth quarter revenue can be upwards of Rs 2,000 crore as properly. Within the third quarter ended December 2023, the financial institution earned a revenue of Rs 2,223 crore, registering an over 253 per cent bounce over the identical quarter a 12 months in the past.
Addressing shareholders final 12 months, Goyal had stated FY24 can be “a golden 12 months” for Punjab Nationwide Financial institution as a consequence of its multi-pronged technique and regular focus.
“The technique depends on growing market share, which incorporates boosting each CASA (Present Account Financial savings Account) share and growing credit score offtake, particularly within the RAM (Retail, Agriculture and MSME) phase; bettering asset high quality by means of growing the speed of recoveries, minimising slippages, sturdy monitoring of particular accounts to stop their motion to the delinquent class and enhanced collections effectivity,” he had stated.
Sharing the outlook on credit score progress, Goyal stated it might be 12-13 per cent whereas deposit progress shall be 10-11 per cent within the present fiscal.
Web curiosity margin (NIM) can be 2.9-3 per cent towards 3.11 per cent on the December-end 2023.
First Revealed: Jan 28 2024 | 10:04 PM IST
