PNB introduces online trading services

Public lender, Punjab National Bank (PNB) has announced an alliance with Networth Stock Broking Ltd (NSBL) and SMC to boost online trading services.

PNB’s Chairman and Managing Director K. C. Chakrabarty said that this was only financial service that was missing from the bank’s portfolio and therefore this launch is likely to benefit its customers through ease in services. “We are offering three-in-one account comprising savings, demat and trading facilities at a competitive rate,” he said.

Initially the service will be extended through 109 branches of PNB and later it will be available to all the branches.

Meanwhile the bank also hopes to complete the merger of its primary dealership arm PNB Gilts with itself by March 2010. “We are also discussing the issue of taking over PNB Gilts with shareholders of both companies. This is a time consuming process. I hope the merger would be complete within next 12 months,” said Chakrabarty.

Chakrabarty also informed that the bank expects the net profit to grow by 20-23% in the current fiscal. The bank is targeting a growth of 20% in deposits while 20-21% growth in advances.

“Our target is 20 percent for deposit growth, 20-21 percent in advances (growth) and 20-23 percent growth in profit this year,” he said adding, “This is broad outlook.. We have still to finalize the annual plan.”

PNB has called a meeting of circle heads on May 1st and May 2nd to finalize the plan, said Chakrabarty.