* Punjab & Sind Bank announced their financial results for the quarter ended 30 June 2024.
The Bank’s performance on a year-on-year basis showed that the total business registered a growth of 7.10% and stood at Rs. 2,08,331 Cr. Total Deposit grew by 5.59%, and Retail Term Deposits showed a good growth of 10.15%. Total advances grew by 9.24%, whereas RAM advances registered a healthy growth of 15.69%. Retail advances grew by 22.99% and MSME advances grew by 13.63%. RAM Advances (%) to Gross Advances improved by 292 bps from 49.57% to 52.49%. Operating Profit up by 23.35% and Net Profit up by 18.95%. Gross NPA ratio improved by 208 bps and Net NPA ratio improved by 36 bps. CD Ratio of the Bank improved by 244 bps from 70.32% to 72.76%.
The Bank’s performance on a quarter-on-quarter basis showed the Net Profit up by 30.94%. Net Interest Income grew by 23.37%. Yield on Investment (%) improved by 23 bps. Net Interest Margin (%) of the Bank improved by 37 bps. Return on Avg. Assets (%) improved by 12 bps. CRAR (%) improved by 14 bps from 17.16% to 17.30%.
The major developments for the Bank in Q1 FY 2024-25 included signing of MoU with the Indian Army offering a best-in-class salary package for serving personnel and pensioners, tie-up with Maruti Suzuki India Ltd. for extending Car loans through their digital platform and collaboration with M/s FISDOM for Stocks & Mutual Fund Investments for wealth building of customers. The Bank also opened a Model Branch at Safdarjung Enclave, New Delhi to attract the new Gen Customers as well as launched a mobile ATM.
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