Country's second largest lender Punjab National Bank (PNB) on Saturday said it is expecting nearly three-fold jump in its net profit to ₹6,000 crore during the current fiscal as consolidation process is over. "Our projection for FY'22...overall net profit should not be less than ₹6,000 crore at the conservative level. With regard to selling its stake in Canara HSBC OBC Life Insurance Company, Rao said it would be done over the next 12-18 months. Considering all these factors, we have decided at board level to exit from Canara HSBC OBC Life Insurance Company," he said. PNB is also a promoter of another insurer PNB Metlife Insurance, owning the highest stake of 30 per cent.

Source: Mint June 05, 2021 09:33 UTC