Punjab And Sind Bank Records Highest Ever Net Profit Registering A Growth Of 26.37%

NEW DELHI
Punjab & Sind Bank reported that its fourth quarter net profit grew 32.08% to Rs 457 crore from the year ago period owing to improvement in asset quality. For the financial year ended March 31, 2023, the bank reported net profit grew 26.37% to Rs1,313 crore.

During the quarter, the bank’s operating profit surged 69.09% to Rs 536 crore year-over-year (YoY). Return on asset improved 23 basis point (bps) and return on equity rose 259 bps. Net Interest Income (NII) grew 254% to Rs 547 crore.

Gross NPA was down to 6.97% from 12.17% in the year ago period. Similarly, Net NPA was lower at 1.84% from 2.74% a year ago. NII rose 12.10% to Rs 2,973 crore. Capital Adequacy ratio (CRAR) was at 17.10% with Common Equity Tier 1 (CET-1) ratio of 14.32% at the end of March 2023.

As of March 31, 2023, Punjab & Sind Bank surpassed the targets in Priority Sector Advance which stands at 54.99% and Agriculture Advance at 20.67% of ANBC against the regulatory target of 40% and 18% respectively. Credit to Small and Marginal farmers stands at 11.06% of ANBC, against the regulatory target of 9.50%. Credit to Weaker Sections stands at 12.68% of ANBC, against the regulatory target of 11.50%. Credit to Micro Enterprises stands at 14.31% of ANBC, against the regulatory target of 7.50%. The Bank is also having 19.30 lakh PMJDY accounts with balance of deposits of Rs.558 Cr.

Punjab & Sind Bank recently opened 25 new branches in PAN India, making the total number of branches stand at 1553 as on date. The bank was also awarded with the Best Emerging Bank at MSME Banking Excellence Award, 1st Position under “Exemplary Gold Award” in Leadership Capital 4.0 by PFRDA, Runner-up in “Best Digital Financial Inclusion” declared by IBA and 3rd Position in “Door-step Banking Udaan Campaign” by PSB Alliance Private Limited last fiscal.