Punjab National Bank today said it expects to clock 23 per cent growth in net profit during 2009-10 and also hopes to merge its primary dealership arm PNB Gilts with itself during the year.
We target for 20 per cent deposit growth, 20-21 per cent growth in advances this year and 22-23 per cent growth in profit, PNB Chairman and Managing Director K C Chakrabarty told reporters here.
This is the broad outlook for the current fiscal, he said, adding the bank has called meeting of circle heads on May 1-2 to finalise the plan.
On the issue of taking over of PNB Gilts, Chakrabarty said, merger has to be discussed with shareholders of both the companies.
"This is all the process. That process is going on. Both the shareholders have to agree. Without that merger cannot take place," he said.
"This is a time consuming process. I hope the merger would be complete in another 6-12 months," he added.
During the first nine months of 2008-09, PNB Gilts registered a net profit of Rs 70 crore, a 36.82 per cent growth over the same period a year ago.
Total income rose to Rs 174.53 crore for the nine-month period ended December 31, 2008, against Rs 172.62 crore a year ago.
