Punjab National Bank (PNB) has devised a three-pronged strategy including strengthening of credit monitoring and recovery system and evaluation of all its verticals to improve efficiency and maximize profitability. This step has been taken after the state-run bank found that its credit monitoring and recovery mechanism is not up to the mark and that is the reason heavy slippages were seen in the fiscals 2016 and 2017.
The Bank has reported net profit of Rs 261.90 crore for the quarter ended March 31, 2017 as compared to net loss of Rs 5367.14 crore for the same quarter in the previous year. Total income of the Bank increased by 18.31% at Rs 14989.33 crore for quarter under review as compared to Rs 12669.21 crore for the quarter ended March 31, 2016.
As of March 31, 2017, the bank’s fresh slippages stood at Rs 22,415 crore as against Rs 42,252 crore in the same period last year.