The Orissa circle of Punjab National Bank (PNB) has recorded a turnover of Rs 3,240 crore in 2008-09, a 49.37 per cent rise over Rs 2,169 crore achieved by the bank in 2007-08.
The total business of Rs 3,240 crore achieved by the bank in Orissa includes Rs 2267 crore of advances and deposits worth Rs 905 crore. In 2007-08, PNB’s total business volume of Rs 2,169 crore included Rs 1,427 crore of deposits and Rs 742 crore of advances. The bank has posted a growth of 55 per cent and 31 per cent in deposits and advances respectively in 2008-09, compared to the previous fiscal, BP Sharma, zonal manager, PNB told Business Standard.
PNB made a profit of Rs 56 crore for 2008-09 against the target of Rs 52 crore, thereby clocking a growth of about 30 per cent over the previous fiscal. PNB is yet to fix its target for 2009-10 for its Orissa circle. Sharma said that PNB was emphasizing on disbursement of advances to sectors like agriculture and Small and Medium Enterprises (SMEs).
He pointed out that the bank provided Rs 175 crore to the agricultural sector and Rs 257 crore to the SMEs in 2007-08. PNB opened six branches in 2008-09 and the bank’s branch network in Orissa now stands at 63. All its branches are under the Core Banking Solutions (CBS) platform.
The bank has also proposed to add six more branches by the end of June this year. The proposed new branches would be opened at Aska in Ganjam district, Dhenkanal, Sonepur, Banei, Kendrapara and Nayagarh.
