PNB on right path to outperform peers: MD Goel

NEW DELHI: With legacy issues behind, Punjab National Bank (PNB) is on the right path to outpace the competition and achieve greater heights in terms of profitability during the current fiscal and subsequent years, the bank’s managing director Atul Kumar Goel said.

PNB topped the chart recording the highest profit growth of 229 per cent among the 12 public sector banks during the fiscal ended in March 2024. The bank’s net profit increased over three-fold to Rs 8,245 crore compared to Rs 2,507 crore in the previous fiscal.

Recalling the position of PNB three years ago, Goel said it was a laggard on many counts with one of the highest gross and net non-performing assets (NPAs) numbers among PSBs and Provision Coverage Ratio (PCR) was low.