Credit rating agency, CARE has assigned ‘CGR 2’ corporate governance rating to Punjab National Bank (PNB). The assigned CGR rating reflects the bank’s transparent ownership structure marked by majority ownership with the Government of India (GOI), satisfactory Board processes & performance monitoring by the management.
The rating also factors prudent disclosures to shareholders and depositors and well-defined organisational structure with experienced professionals at both the board level as well as other key positions in the Bank.
The bank posted a fall of 28.69% in its net profit at Rs 806.35 crore for the quarter ended March 31, 2014 as compared to Rs 1130.80 crore for the same quarter in the previous year. However, total income of the bank increased by 8.18% at Rs 12498.23 crore for quarter under review as compared to Rs 11552.84 crore for the quarter ended March 31, 2013.
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