PNB to roll out its wealth management product by Dec aimed at boosting non-interest income

PNB has introduced a number of facilities and benefits through the metal card and expects cardholder numbers to touch 1 lakh by the end of the ongoing financial year.
| Photo Credit:
FRANCIS MASCARENHAS

Punjab National Bank aims to launch wealth‑management services by December to boost non‑interest income, said MD & CEO Ashok Chandra.

He explained that the initial phase of the wealth‑management plan is to station Customer Relationship Managers (CRMs) – about 1,700 of them were placed in 1,700 branches half a year ago, each tasked with looking after roughly 250‑300 premium clients per branch, as he said to PTI in an interview.

The bank intends to add another 1,300 CRMs by month‑end, assigning them to 1,300 additional branches.

He noted that this was the first move, adding that the bank has begun talks with consultants and will soon launch an RFP to select a wealth‑management partner.

He added that the wealth‑management product should be ready within three to four months, after which PNB will actively offer such services.

When questioned about timing, he said the rollout is slated for the third quarter.

Discussing the credit‑card line, Chandra said the bank is expanding the business, which is run as a division under a General Manager.

He said that on 31 March 2025 the bank had about 6.6 lakh cardholders, but seeing strong growth potential it built a digital‑first roadmap, a process that took roughly five months.

He added that once the digital backbone was ready in November 2025, the bank accelerated its rollout and introduced the premium Luxura metal card for high‑net‑worth clients, which quickly gained market attention.

He noted that by end‑March 2026 the tally stood near 9 lakh, now nearing 10 lakh, with a target of 15 lakh for the fiscal year, and that the Luxura card—launched four months back—has already attracted about 25 000 users.

The bank has bundled various features and perks with the metal card and aims to reach one lakh holders by fiscal year‑end.

He added that the initiative is a strong positive step and should meaningfully boost profitability.

Chandra expressed confidence that profits will exceed ₹20,000 crore this fiscal year, up from ₹16,904 crore earned last year.

He said that since Q2 of the previous fiscal year, quarterly net profit has stayed above ₹5,000 crore.

He pointed out that the first quarter of the current year follows the same pattern and he is confident that profitability will keep rising, pushing each quarter past the ₹5,000 crore threshold.

When asked whether FY27 could see ₹20,000 crore profit at this pace, he replied that sustaining ₹5,000 crore per quarter would naturally reach that level.

He said that to hit the goal, the bank will undertake large‑scale outreach campaigns each quarter.

He added that retail, agriculture, MSME and self‑help groups will be the priority for building assets.

He projected loan growth of 12‑13 % and deposit growth of 9‑10 % for the year.

Published on August 9, 2026