In 2007-08 Punjab National Bank excelled in overall performance and continued to retain its leadership position among the nationalized banks in terms of various business parameters as well as profits.  The impressive performance was brought about by Bank’s focus on customer based business with thrust on SME, Agriculture, students and a more inclusive approach to banking; streamlining the administration and restructuring its organizational structure to make it more horizontal; various  cost control measures; better asset liability management; prudent risk management and strengthening the recovery mechanism.

Highlighting the performance of the Bank to the Press, Dr. K C Chakrabarty, Chairman & Managing Director informed that on a standalone basis during the Q4 FY 2007-08, the Bank achieved a record YOY growth in Net Profit of 128.75%. For the full year 2007-08, the operating profit crossed the landmark Rs.4000 cr. level to reach Rs.4006 cr..  Further, the Bank has fully complied with revised AS-15 and the transitional liability has been adjusted out of opening Reserves (net of taxes) and the current year liability charged to Profit & Loss A/c.  The Bank has also successfully migrated to Basel II accord, w.e.f March 31, 2008. For a leaner, efficient and cost effective system, the bank has decided to remove one layer from its organizational structure and to adopt a three tier structure as against the earlier 4 tier one.

The Board of Directors of Punjab National Bank at its meeting held on Thursday, May 15, 2008 approved the Bank’s audited accounts for the year ended March 2008 and proposed a dividend of 130 percent. 

To view detailed press release click on the attachment. 

Sourced From: Punjab National Bank