MICROCAPITAL BRIEF: Punjab National Bank of India Reports Increase in Net Profit, Plans to Increase Deposits and Launch Microinsurance Product

Punjab National Bank (PNB), a nationalized, government-controlled bank in India, recently announced a net profit for the quarter ending June 30, 2010, of INR 10.7 billion (USD 229 million), an increase of 28.9 percent from INR 8.3 billion (USD 178 million) for the corresponding quarter last year. PNB reported total assets of INR 3.1 trillion (USD 66.3 billion) as of June 30, 2010.

PNB also announced that its goal is to increase deposits by 20 percent and increase credit by 22 percent during the current fiscal year ending March 31, 2011. Additionally, PNB is planning to launch unspecified microinsurance products in the next six months and is in the process of selecting an insurance company to partner with to offer these products.

By Jennifer Shevock, Research Associate

About Punjab National Bank (PNB):
Punjab National Bank is a nationalized, government-controlled bank in India with a mission to serve the unbanked. Established in 1895, it currently has 4,525 branches throughout the country. PNB reported total assets of INR 3.1 trillion (USD 66.3 billion) as of June 30, 2010.

Sources and Additional Resources:
“Punjab aiming at raising deposits by 20%” August 31, 2010. http://www.business-standard.com/india/news/pnb-aiming-at-raising-deposits-by-20/107218/on

Punjab National Bank: Press Release: http://pnbindia.in/final_%20press_release-june_2010.pdf

MICROCAPITAL.ORG STORY: “Bandhan India receives $32m loan from PNB” October 28, 2009. https://www.microcapital.org/microcapitalorg-story-bandhan-india-receives-32m-loan-from-pnb/

MicroCapital Universe: Punjab National Bank: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Punjab+National+Bank

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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