Mega-merger saves the day for Punjab National Bank

Punjab National Bank’s (PNB) June-quarter metrics didn’t spell fresh trouble, nor did it see any big relief in the wake of the second covid wave.

The public sector lender managed to show a healthy operating performance despite its loan book hardly showing any growth. What has come to the rescue of PNB is a sharp reduction in operating expenses through incremental gains from the merger with two other public sector banks and low deposit rates.