PNB to focus on project financing to revive business loan growth, CEO says
"Subdued growth (in business loans) was because (of) some low-yielding advances...focus this year will be on project financing," Chandra told Reuters in an interview, adding that the lender was once "very active" in this space and is now looking to revive it.
Apart from project financing, the bank will also target sectors such as real estate, rental discounting and data centres for lending opportunities, Chandra said. The lender on Wednesday reported a net profit of 16.75 billion rupees for the first quarter, down 48% from 32.52 billion rupees a year earlier. The fall in profit was mainly due to a one-time charge of 33.24 billion rupees, as a result of a change in tax regime. PNB's profit before tax rose around 28%. The gross non-performing asset ratio declined to 3.78% in the quarter from 3.95% in the previous three months. The bank is on track to reach its gross non performing assets ratio level of below 3%, which would be PNB's lowest on record, and meet its recoveries target of 160 billion rupees by FY26, Chandra said.
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