MoneyWorks4Me

PNB sets Rs 10,000 crore recovery target for March quarter

07 Feb 2019 Evaluate

Punjab National Bank (PNB) has set a target of recovering Rs 10,000 crore from bad loans in the March quarter. The bank has reported 7.13% rise in its net profit at Rs 246.51 crore for the December quarter under review as compared to Rs 230.11 crore for the same quarter in the previous year.

In this fiscal year, the bank had made recoveries worth Rs 16,600 crore from bad loans. The bank expects recovery of Rs 10,000 crore from NPAs in which include Rs 6,000 crore from Bhushan Power & Steel and Essar Steel (both at the NCLTs) in the current quarter, the balance Rs 4,000 crore of the planned recovery will be from smaller accounts as well as from a few NCLT accounts.

PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.


Peers
Company Name CMP
State Bank Of India 940.10
PNB 115.75
Bank Of Baroda 234.20
Canara Bank 117.50
Union Bank Of India 171.55
View more..