PNB confident to meet FY08 profit target

New Delhi, May 14: Punjab National Bank (PNB) today said it will not change the lending and deposit rates in the near future and hopes to achieve its target of 20 per cent growth in net profit for 2007-08.

''There will not be any change in the deposit or lending rate in the near future,'' PNB Chairman and Managing Director K C Chakrabarty told reporters on the sidelines of inauguration of bank's micro finance branch here. The bank will maintain net interest margin within 3.5-3.6 per cent for 2007-08, he added. Mr Chakrabarty also said, ''We are confident of meeting the profit target.'' The bank will announce its results for the financial year 2007-08 tomorrow.

Earlier, Mr Chakrabarty had said the bank would be posting profits to the tune of Rs 1,800-1,900 crore during last fiscal.

UNI