PNB sees increased credit growth in MSMEs in FY23

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PNB sees increased credit growth in MSMEs in FY23

New Delhi, June 8 (KNN) The Punjab National Bank (PNB) in its FY22 annual report pointed out that the MSME and retail segment is expected to increase its credit and interest income.

The bank aims to focus on improving getting credit in its retail and MSME segment, as it expects these sectors to drive loan growth in the current fiscal year.

The bank‘s retail credit grew 6.7% year-on-year to 1.3 trillion rupees in Q4FY22, while MSME advances increased 1% to 1.2 trillion rupees.

The bank will emphasize credit monitoring through proactive measures based on various early warning signals and address stress from the outset.

According to reports, PNB is also converging on improving its checking account savings account (CASA) ratio for higher profitability. He plans to intensify collaborations and partnerships for better results.

“Asset quality will continue to be the buzzword for us and the bank will put in place action-oriented plans to keep NPAs low so that capital remains available for business growth. “said PNB.

As of March 31, 2022, the gross non-performing assets (NPA) ratio improved by 234 basis points to 11.78%, while the net non-performing assets ratio improved by 93 basis points and stood at 4.80%.

The bank plans to strengthen the PNB ONE app by offering digital loans, market features, lifestyle offers and wealth management services by revamping existing functionality. (KNN Office)

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