PNB'S NEW MONEY MOVE: WEALTH SERVICES COMING SOON - WHAT CUSTOMERS GET

Punjab National Bank (PNB) is preparing to launch its wealth management services by December as part of its strategy to increase non-interest income, Managing Director and CEO Ashok Chandra said.

Chandra said the bank has already taken the first step towards building its wealth management business by strengthening its customer relationship management network.

Around six months ago, PNB deployed nearly 1,700 Customer Relationship Managers (CRMs) across an equal number of branches. These officials are responsible for managing the bank’s top 250-300 customers at each branch.

The lender plans to add another 1,300 CRMs by the end of this month, extending the service to 1,300 more identified branches.

"That was the first step we undertook," Chandra said, adding that PNB has also begun working with consultants on its wealth management plans. The bank is expected to soon initiate the request for proposal (RFP) process to select a partner for the initiative.

Chandra said the bank expects the wealth management offering to be operational within the next three to four months and aims to roll it out by the third quarter.

PNB steps up credit card business

PNB is also focusing on expanding its credit card business, which is currently managed as a separate division headed by a General Manager.

The bank had around 6.6 lakh credit card customers as of March 31, 2025. Seeing room for substantial growth, PNB decided to build a detailed expansion plan backed by a digital infrastructure.

According to Chandra, the bank spent around five months developing the required digital platform. Once the system was ready in November 2025, PNB began scaling up its credit card operations.

The lender has also introduced the Luxura Credit Card, a premium metal card aimed at high-net-worth customers. The card has gained considerable traction since its launch.

PNB's credit card base increased to around 9 lakh by March 2026 and is now nearing the 10-lakh mark. The bank expects the total number of credit card holders to cross 15 lakh during the current financial year.

The Luxura card, launched around four months ago, has already attracted nearly 25,000 customers. PNB expects the number to reach 1 lakh by the end of the financial year.

Chandra said the premium card comes with several facilities and benefits and is expected to make a meaningful contribution to the bank's earnings over the coming years.

PNB expects FY27 profit to cross Rs 20,000 crore

Chandra also expressed confidence that PNB's net profit could exceed Rs 20,000 crore in the current financial year. The bank had reported a net profit of Rs 16,904 crore in the previous financial year.

He said PNB has consistently reported quarterly net profit above Rs 5,000 crore since the second quarter of the previous financial year. The bank has maintained that momentum in the first quarter of the ongoing financial year as well.

Chandra expects the bank to surpass the Rs 5,000-crore quarterly profit mark and set new highs as profitable growth continues.

He indicated that maintaining a quarterly profit of around Rs 5,000 crore would put PNB on track to cross the Rs 20,000-crore annual profit milestone.

To support growth, the bank plans to conduct large-scale outreach programmes every quarter. PNB will focus on expanding its loan book across retail, agriculture, micro, small and medium enterprises (MSMEs) and self-help groups.

For FY27, the bank expects overall loan growth of around 12-13 per cent, while deposits are projected to increase by 9-10 per cent.

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2026-08-09T17:43:35Z