The country's second largest public sector lender, Punjab National Bank has set an acquisitive target of achieving Rs. 10 lakh crore business by the year 2013.According to chairman and managing director of PNB, Kasargod Ramachandra Kamath, it has targeted itself to this benchmark from the Rs 4 lakh crore business which it has earned as on December 2009.
The bank had earned a net profit of Rs. 1,011 crore in the last quarter. It is planning to expand its customer base of 46 million to 150 million by 2013, Mr. Kamath said.
"The Bank has set up a target of Rs 10 lakh crore business by March 2013 and expand its customer base from 46 million to 150 million by 2013," Kamath said.
Mr. Kamath also added that most of the banking expansion will take place using IT, thereby providing ‘seamless banking services' to customers.
"The gross profit for the last nine months was Rs 4,994 crore and net profit during the period was Rs 2,770 crore. During the last three months we earned an operating profit of Rs 1,818 crore and a net profit of Rs 1,011 crore," he quoted.
He also added that PNB currently has 4, 894 branches and very soon it will cross the 5,000 threshold.