|Photo: The Economic Times|
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Tuesday, May 24, 2016
Punjab National Bank Ltd on path to cut NPAs: MD
May 24, 2016: Punjab National Bank Ltd (Rs.71.95) has already recovered Rs.1,800 crore in 54 days of Q1 FY17 against the targeted Rs.5,000 crore in the first quarter, MD and CEO Usha Ananthasubramanian said.
“You must see the robustness of the bank. The bank is very solid, otherwise it would not have made Rs.12,000-crore operating profit. We would like to resolve and minimise NPAs,” she said while addressing media persons in Mumbai on Tuesday.
PNB would be cautious about lending to sectors such as steel and textiles, she observed.
She said that the bank was undertaking a cost-cutting exercise and expected to maintain its cost-to-income ratio just above 40% for the next couple of years.
PNB’s cost-to-income ratio for FY16 stood at 44.94% compared with 46.74% in FY15.