Punjab National Bank targets $1.12bln business in 2010

Estimate 21.1% higher than 2009 as lender will give priority to retail, agriculture and MSME sectors.

Punjab National Bank (PNB) has set a target of Rs 5,250-crore ($1.12 billion) business in its Orissa circle during the current financial year. The target is Rs 1314-crore ($280.11 million) (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 ($837.98 million), which was 21.10 per cent more than the previous year’s record. Out of the Rs 5250 crore ($1.12 billion) target set for the current year, Rs 3600-crore ($767.43 million) will come in the form of deposits while Rs 1650-crore ($351.74 million) will be advances.

The bank had achieved Rs 2669-crore deposits ($568.96 million) and Rs 1262-crore ($269.02 million) 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.

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