Punjab National Bank Q2 FY-21 Financial Results

 Punjab National Bank Q2 FY-21 Financial Results

Festive season to lift economic spirits: PNB MD and CEO

 

Mumbai, 3rd November 2020: The nation’s leading public sector bank, Punjab National Bank, (PNB) hosted a virtual press conference today to discuss its Q2 FY 2020-21 results. Sh CH. S. S. Mallikarjuna Rao, MD and CEO of the Bank, highlighted key point of the September-quarter result as well as the recent economic developments in the wake of COVID-19 pandemic.

 Shri. Rao said that the festive season will signal the economic revival and maintained the overall credit growth to grow at 4-6 per cent for the current fiscal though a more realistic picture will be known by December 2020. However, both home and auto loans have gained momentum and are heading to the pre-Covid-19 levels. Corporate loans also show resurgence, especially those from roads, steel, cement, healthcare and parts of infrastructure industries. He said the demand remains healthy and may improve further in the coming days.

 Regarding the retail and MSME loan restructuring, he said overall Rs 20,000 crore may be restructured by December 31st, but it could be much lesser than originally estimated. He clarified that the Bank was adequately capitalised. However, he stated that Bank has the approval to raise funds to the tune of Rs.14000 crores by way of Tier II, AT-1, QIP of Rs.4000 crores , Rs.3000 crores & Rs.7000 crores respectively.

 The bank achieved an improvement in Net Interest Income by shedding the high-cost deposits from the amalgamated entity. He also spoke about MSME, net interest margin (NIM) besides other important economic and financial subjects.

Shri. Rao thanked the media which congratulated him for PNB’s utmost transparency & better disclosures in its investor report.