Punjab National Bank (PNB) Financial Results For The Quarter Ended June 30, 2024

Key Highlights

Business Performance in Key Parameters

Deposits

Savings Deposits increased to Rs 4,84,377 Crore registering a Y-o-Y growth of 4.4%.

Current Deposits stood at Rs 64,702 Crore as on June’24.

CASA Deposits increased to Rs 5,49,079 Crore recording a Y-o-Y growth of 3.4%.

CASA Share of the bank stands at 40.08% as on June’24.

Retail Term Deposit (less than 3 Crores) witnessed a growth of 9.2% on Y-o-Y basis to Rs 5,85,598 Crore in June’24.

Advances

Total Retail credit increased by 14.4% Y-o-Y to Rs 2,34,564 Crore in June’24.

The bank grew under Core Retail Advances recording a Y-o-Y growth of 15.5%. Within Core Retail Credit:

Housing Loan grew by 14.7% Y-o-Y to Rs 1,01,796 Crore.

Vehicle loan posted a growth of 26.9% Y-o-Y to reach Rs 21,726 Crore.

Agriculture Advances grew by 15.8% on Y-o-Y basis to Rs 1,68,503 Crore

MSME Advances increased Y-o-Y by 7.9% to Rs 1,42,886 Crore.

Asset Quality

Gross Non-Performing Assets (GNPA) declined by Rs 19,636 Crore to Rs 51,263 Crore as on June’24 from Rs 70,899 Crore as on June’23.

Net Non-Performing Assets (NNPA) declined by Rs 11,199 Crore to Rs 5,930 Crore as on June’24 from Rs 17,129 Crore as on June’23.

Profitability

Total Income of the Bank was booked at Rs 32,166 Crore for Q1 FY’25 from Rs 28,579 Crore for Q1 FY’24, recording a growth of 12.5% on Y-o-Y basis.

Total Interest Income of the Bank was at Rs 28,556 Crore for Q1 FY’25 from Rs 25,145 Crore for Q1 FY’24, recording a growth of 13.6% on Y-o-Y basis.

Fee based income of the Bank was at Rs 2,077 Crore for Q1 FY’25 from Rs 1,785 Crore for Q1 FY’24, recording a growth of 16.3% on Y-o-Y basis.

Efficiency/Productivity Ratio

Domestic Net Interest Margin stands at 3.21% in Q1 FY’25.

Global Yield on Advances improved Y-o-Y by 28 bps to 8.33% in Q1 FY’25.

Business per employee improved to Rs 24.80 Crore in June’24 from Rs 22.22 Crore in June’23.

Business per branch improved to Rs 233.26 Crore in June’24 from Rs 214.77 Crore in June’23.

Net profit per employee improved to Rs 13.66 Lakhs in June’24 from Rs 5.18 Lakhs in June’23.

Net profit per branch improved to Rs 128.47 Lakhs in June’24 from Rs 49.95 Lakh in June’23.

Capital Adequacy

CRAR increased to 15.79% as on June’24 from 15.54% as on June’23 registering an improvement of 25 bps.

Tier-I Capital was at 13.04% (CET-1 improved to 10.95% as on June’24 from 10.85% as on June’23 and AT1 improved to 2.09% as on June’24 from 1.44% as on June’23) and Tier-II at 2.75% as on June’24.

Priority Sector Achievement

Priority Sector Advances exceeded the National Goal of 40% and stands at 40.29% of ANBC.

Agriculture advances exceeded the National Goal of 18% and stands at 18.29% of ANBC.

Credit to Small & Marginal Farmers exceeded the National Goal of 10% and stands at 10.16% of ANBC.

Credit to Weaker Sections surpassed the National Goal of 12% and stands at 13.57% of ANBC

Credit to Micro Enterprises surpassed the National Goal of 7.50% and stands at 7.70% of ANBC.

Financial Inclusion

PMJDY accounts increased to 5 Crore 13 Lakhs as on June’24 from 4 Crore 66 Lakhs in June’23.

Enrollments under PMJJBY, PMSBY & APY in June’24 are as under:

Digital Progress and Initiatives

Number of PNB One Activated users increased to 187 Lakh as on 30.06.2024 from 125 Lakh as on 30.06.2023 registering a growth of 50% on Y-o-Y basis.

Number of WhatsApp Banking users increased to 34.0 Lakh as on 30.06.2024 from 14.6 Lakh as on 30.06.2023 registering a growth of 133% on Y-o-Y basis.

Total Digital Loan Disbursement improved by 48.5% to ?2,240 Crore during Q1 FY’25 from Rs 1,508 Crore during Q1 FY’24.

PNB is the 1st Bank to Launch PM Vishwakarma Scheme in Digital Mode.

Distribution Network

As on 30th June 2024, the Bank has 10,150 domestic branches and 2 International Branches.

IIIT-B And ELCIA Unite For A Successful 2024 Tech Summit, Highlighting Deep Tech And Sustainability

The ELCIA Tech Summit 2024 has successfully concluded, leaving a mark on the tech community. Hosted by the Electronics City Industries Association (ELCIA) at the International Institute of Information Technology-Bangalore (IIIT-Bangalore), this year’s summit showcased the ELCIA Next-Gen Innovative Tech Hackathon. This vibrant event brought together creative minds, tech enthusiasts, and industry experts to develop solutions with significant societal and environmental impact.

Prof. Debabrata Das, Director of IIIT-B, remarked on the significance of the event, "The ELCIA Next-Gen Innovative Tech Hackathon has been a platform for aspiring innovators to push the boundaries of technology. It has provided an opportunity to develop solutions that not only showcase technical prowess but also address critical societal needs. This hackathon signifies the need for collaborative innovation, bringing together diverse minds to create impactful technologies that contribute to a sustainable and inclusive future."

Mr. Sriram Kumar V - PRESIDENT, ELCIA, commented, "As the President of ELCIA, I am incredibly proud of the talent and innovation showcased during the 'ELCIA Next-gen Innovative Tech Hackathon'. This 7-week-long event brought together the brightest minds from across Bengaluru City, demonstrating their passion and ingenuity in tackling complex technological challenges. The hackathon has set the stage for the ELCIA Tech Summit 2024, where we will continue to foster a culture of innovation and collaboration. I look forward to witnessing the transformative ideas and technologies that will emerge from this summit."

Mrs. Rama - ADVISOR, ELCIA, commented, "The 'ELCIA Next-gen Innovative Tech Hackathon' has been a remarkable journey, reflecting the extraordinary capabilities of our participants. As an Advisor to ELCIA, I have been deeply impressed by the level of creativity and problem-solving skills demonstrated throughout the hackathon. The enthusiasm and dedication of these young innovators have been truly inspiring. The upcoming ELCIA Tech Summit 2024 will be an excellent platform to further explore these groundbreaking ideas and drive meaningful discussions on the future of technology."

Mr. Vaidyanathan - MEMBER, Executive Committee, commented, "The ELCIA Tech Summit 2024 will provide an invaluable opportunity to highlight the achievements that we have been able to witness at this Hackathon, and foster a collaborative environment for further innovation and growth… it has been an exceptional showcase of talent and innovation. As a member of the Executive Committee, I have seen firsthand the dedication and hard work of all participants. Their innovative solutions and fresh perspectives have the potential to drive significant advancements in technology."

Mr. Vinay Kumar - MEMBER, Executive Committee, "As we approach the ELCIA Tech Summit 2024, I am excited about the possibilities that lie ahead. This Summit will not only showcase the groundbreaking work from the hackathon but also bring together industry leaders and experts to discuss the future of technology and its impact on our lives. The Hackathon, especially, has been a testament to the incredible potential of our city's tech community. It has been a privilege to witness such a high level of ground-breaking ideas and execution from the participants."

The hackathon was a major highlight of the ELCIA Tech Summit Agenda. VLSI System Design (VSD), a semiconductor training company based in Bangalore, organized the entire event using their extensive knowledge of semiconductor and embedded product development. The hackathon took place in three phases from July 6 to July 25, both online and offline. A total of 125 teams from various colleges and universities in Karnataka participated, showcasing innovative product ideas across three themes.

The first two rounds were conducted online, where teams had to submit their idea proposals, product development plans, and demo videos. After a thorough screening process led by Kunal Ghosh and his team, 29 teams advanced to the pre finals.

Mr. Kunal Ghosh, the Founder of VSD, said, “The screening process was challenging because the young participants were full of innovative ideas and enthusiasm. They offered high-tech solutions with budget-friendly options, making it hard to choose the final 10 teams.” These finalists demonstrated their prototypes at IIIT Bangalore before a jury of experts from industry and academia. The jury evaluated the teams based on technology, market readiness, customer friendliness, and cost-effectiveness.

Team Bruteforce, consisting of Yash Gupta, Divyansh Singhal, and Daksh Sharma, won the first prize with a cash award of Rs. 50,000 for their project, 'Wearable Haptic Braille Device for the Blind.' Team NewBees, comprising Kushagra Singh, Anshul V. Patil, and Kafil Abbas Momin, was the first runner-up, receiving Rs. 35,000 for their project, 'Smart Hand Mobility Assistive Device for Enhanced Rehabilitation and Daily Assistance.' The second runner-up was Team Generic Junkiez, involving Ashish Ramesh, Sahil Parashram Desai, and Jonathan Daniel K, who received Rs. 25,000 for their project, 'Autonomous Robotic Integration for Automation.'

Additionally, seven teams received a prize of INR 10,000 each for their outstanding contributions. Winners will now have the opportunity to work closely with the ELCIA team to productize their ideas, ensuring that these groundbreaking concepts are transformed into viable products that can benefit society and the environment. This collaboration between ELCIA and the winning teams exemplifies the summit’s commitment to fostering innovation and supporting the journey from concept to market.

Participants have pushed the boundaries of what is possible and also addressed real-world challenges with their solutions. The ELCIA Tech Summit 2024 has been a resounding success, demonstrating the incredible potential of collaborative innovation. The summit has set a high standard for future events, inspiring the next generation of tech pioneers to continue their innovative journeys.

About IIIT-Bangalore

IIIT-Bangalore is a premier institute dedicated to undergraduate and postgraduate programs specializing in Computer Science and Engineering (CSE), Electronics and Communication Engineering (ECE), Data Science and Artificial Intelligence (DSAI), IT for Society, and broader fields of IT and research. Situated in the heart of Electronic City, Bangalore, it holds a prominent position in the academic landscape. IIIT-Bangalore is graded A+ by National Assessment and Accreditation Council (NAAC). In the National Institutional Ranking Framework (NIRF) for 2022, IIIT-B has secured 74th ranking. The institute was ranked number 1 among India's Best Technical Universities (Private) by India Today. IIIT-Bangalore contains state-of-the-art infrastructure, eminently qualified faculty, a vibrant alumni community, cutting-edge research facilities, and close industry collaborations.

The institute’s specially designed courses make the students’ cognizant of the current technologies. Experiential learning and practices followed in the institute equip them with the tools and knowledge to solve contemporary real problems. IIIT-Bangalore has consistently achieved excellent placement records every year since its establishment in 1998, thanks to the unwavering support of the industry and the expanding pool of highly skilled alumni.

The Governor Of Odisha Inaugurates The “12th SAI Model United Nations Conference 2024”

SAI International, one of the leading educational Group of India proudly hosts the 12th edition of the annual SAI Model United Nations Conference (SAIMUN) on 26th and 27th July’ 2024. Today, the opening ceremony was graced by His Excellency, the Hon'ble Governor of Odisha, Shir Raghubar Das, as the chief guest. This splendid global gathering witnessed an impressive convergence of over 720 delegates representing 17 diverse countries.

In his address to the national and international delegates, Shri Raghubar Das, the Honourable Governor of Odisha, stated, “As I declare SAIMUN 2024 open, I am inspired by the remarkable convergence of young, brilliant minds from around the world. This forum exemplifies how unity and collaboration can address our most pressing challenges with innovative solutions. SAI’s dedication to nurturing young leaders stands as a beacon of global dialogue and diplomacy.” His Excellency shared insights from his impactful tenure as Chief Minister of Jharkhand, emphasizing on invaluable insights on visionary leadership. Furthermore, he added, "To the delegates of SAIMUN 2024, your participation in this flagship conference represents a profound commitment to shaping a better future. I urge you to seize this opportunity to engage in meaningful dialogue and collaboration, as it is through your collective efforts that we shall address the pressing global challenges of our era and advance towards a more united and harmonious world."

SAIMUN is an attempt to create awareness among the young minds on the various pressing issues that affect mankind, resources, as well as our planet. It provides a stimulating environment to find probable solutions to many of the daunting real-world challenges.

In the opening ceremony, Dr. Silpi Sahoo, Chairperson, SAI International Education Group, shared, “The theme of SAIMUN is "Vasudhaiva Kutumbakam"- One world one family, which inspires the participants to work collaboratively and come out with innovative solutions to the various challenges outlined in the agenda. Dr. Sahoo aptly remarked, "SAIMUN is committed to being a dynamic exchange of ideas, as young minds from around the world work together to address global challenges, reflecting our school's ongoing commitment to educational excellence and international engagement. This event is a transformative learning experience for all of us, not just the students. Our paramount goal has always been to provide our students with a gateway to global exposure through SAIMUN. Witnessing their growth, passion, and enthusiasm throughout this journey reaffirms our commitment to nurturing the leaders of tomorrow.”

21 Schools have participated in SAIMUN 2024, including St. Andrew Kaggwa Gombe High School and Gombe Junior School from Uganda, St. Anthony’s Girls’ College from Sri Lanka. The Indian Round Square Schools namely Samata International School and Nyati’s Samata International School from Shirdi, Pinegrove School from Himachal Pradesh, Sunbeam Lahartara from Varanasi, Sanskriti School from New Delhi, Shree Niketan

Patasala, Mannivakkam from Chennai, Dalimss Sunbeam School from Tanda, Canadian International School from Bengaluru, KIIT International School, DAV CSPUR, St. Xavier’s International School, DM School, Guidance English Medium School, Iconic OAVS, Doon International School and SAI International School from Bhubaneswar, LR DAV Public School and SAI International Residential School from Cuttack participated from India in the SAIMUN 2024.

SAIMUN 2024 also has total 10 committees, with interesting and stimulating agendas on global policies. This year the committees included United Nations General Assembly First Committee – The Disarmament & International Security Committee (UNGA-DISEC); Social, Humanitarian and Cultural Committee (SOCHUM); United Nations Security Council (UNSC); United Nations Human Rights Council (UNHRC); United Nations Development Programme (UNDP); United Nations Children's Fund (UNICEF); United Nations Commission on the Status of Women (UNCSW); United Nations Office on Drugs & Crime (UNODC); United Nations Environment Assembly (UNEA); United Nations Correspondents Association (UNCA).

Almost 25 Students from Shri Harsha Memorial, a SAI International adopted School for deaf and mute sparked the global forum with their bright smiles today, during the opening ceremony of SAIMUN’24. This year the participation of the students from Iconic Odisha Adarsha Vidyalaya, Bhubaneswar has marked as a major achievement for SAIMUN’24.

AESL Celebrates 15 Glorious Years Of ANTHE With The Launch Of The Biggest And Most Awaited ANTHE 2024

* Offering Up to 100% Scholarships and Cash Awards for Class VII-XII Students

* ANTHE, AESL’s National Scholarship Exam, to take place Online and Offline from October 19—27, 2024

* Up to 100% Scholarships Available; Cash Awards for Top 100 Students in Class VII-X and Top 50 Students in Class XI-XII

* Five Students to Win a 5-Day All-Expenses Paid Trip to Kennedy Space Center, Florida, USA

* Last year, a record was set when more than 11.8 lakh students wrote the exam.

* Many toppers (NEET UG and JEE Main and Advanced) started their journey with ANTHE

* Registrations are open and students/parents can either apply online at anthe.aakash.ac.in or visit the nearest centre of Aakash in their city

Anthe Mission

* To continue its legacy of providing financial assistance to deserving students, helping them bridge the gap between their potential and their capabilities.

* Giving students a springboard to help prepare for high stakes competitive exams.

* To provide them with an All India Rank along with the State Rank to help them assess their preparation.

Marking 15 glorious years of its flagship scholarship examination ANTHE, Aakash Educational Services Limited (AESL), the national leader in test preparatory services, proudly announces the launch of the latest edition of the highly anticipated Aakash National Talent Hunt Exam (ANTHE) 2024. The popular and most-sought after exam offers students from Class VII-XII the chance to earn up to 100% scholarships along with significant cash awards, helping them achieve their dreams of a successful career in medicine or engineering.

This year, an exciting addition includes a 5-day all-expenses-paid trip to the Kennedy Space Center in Florida, USA, for five outstanding students. The John F. Kennedy Space Centre, located in Florida, is one of the National Aeronautics and Space Administration's (NASA) ten field centres in the United States.

ANTHE scholarship recipients will benefit from Aakash's extensive coaching programs, which prepare students for exams such as NEET, JEE, State CETs and scholarships like NTSE and Olympiads.

Mr. Deepak Mehrotra, CEO and MD of Aakash Educational Services Limited (AESL), remarked, “ANTHE has played a crucial role in bridging the gap between the aspirations and abilities of countless students. Celebrating these 15 years of ANTHE, we have worked to make our courses accessible to deserving students across the nation, regardless of their location. ANTHE enables students to prepare for NEET and IIT-JEE exams at their own pace, wherever they are. We anticipate strong participation in ANTHE 2024 and are dedicated to guiding students towards a bright future.”

Celebrating its 15th successful year, ANTHE has a distinguished record of nurturing top achievers. Over the years, many of its students have excelled in prestigious examinations, including top ranks in NEET UG and JEE Advanced. Some notable achievers who enrolled in Aakash through ANTHE and secured top ranks are: Rishi Shekhar Shukla (JEE Advanced 2024 AIR 25); Krishna Sai Shishir (JEE Advanced 2024 AIR 67); Abhishek Jain (JEE Advanced 2024 AIR 78) among others. In NEET 2023, our top scorers were Kaustav Bauri (AIR 03); Dhruv Advani (AIR 05); Surya Siddharth N (AIR 06); Aditya Neeraje (AIR 27) and Aakash Gupta (AIR 28).

ANTHE 2024 will take place from October 19-27, 2024, in both online and offline modes across 26 states and union territories in India. In addition to scholarships of up to 100%, top scorers will also receive cash awards.

ANTHE offline exams will be conducted on October 20 and 27, 2024 starting 10:30 AM to 11:30 AM at all 315+ centers of Aakash Institute across the country while online exams can be taken from October 19 to 27, 2024 anytime during the exam window.  Students can choose a one-hour slot convenient to them. 

ANTHE will be a one-hour test carrying a total of 90 marks and comprising 40 multiple-choice questions based on the grade and stream aspirations of students. For Class VII-IX students, the questions will cover subjects such as Physics, Chemistry, Biology, Mathematics and Mental Ability. For Class X students aspiring for medical education, the questions will cover Physics, Chemistry, Biology and Mental Ability, while for engineering aspirants of the same class, the questions will cover Physics, Chemistry, Mathematics and Mental Ability. Similarly, for Class XI-XII students who aim for NEET, questions will cover Physics, Chemistry, Botany and Zoology, while for engineering aspirants they will cover Physics, Chemistry and Mathematics. 

The last date for submitting the enrolment form for ANTHE 2024 is three days before the commencement of the online exam and seven days before the offline exam. The exam fee is INR 200 for both offline and online mode. Students can also avail a flat 50% discount on the registration fee if they register before 15th August 2024.

Results for ANTHE 2024 will be declared on November 08, 2024, for Class X students, November 13, 2024, for Class VII to IX, and November 16, 2024, for Class XI and XII students. The results will be available on our ANTHE website anthe.aakash.ac.in.

Punjab & Sind Bank Financial Results For The Quarter Ended 30 June 2024

* 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.

Randstad India Inaugurates Karnataka's First Cloth Bag Vending Machine As Part Of CSR Initiative

Randstad India, the country’s leading talent company, committed to its chosen global United Nations Sustainable Development Goals (UN SDGs), has taken another significant step towards environmental conservation and sustainability. Today, Randstad India proudly inaugurated Karnataka’s first free cloth bag vending machine, Insta Bag, at Neravu Kiosk, near Dispensary Road, Commercial Street, Bengaluru.

The inauguration ceremony marked a milestone in Randstad India’s Corporate Social Responsibility (CSR) efforts to combat climate change and promote a sustainable future. The Insta Bag project is designed to reduce plastic waste by providing easy access to eco-friendly cloth bags, encouraging citizens to adopt sustainable practices.

Speaking at the launch, Mr. Viswanath PS, MD & CEO, Randstad India, emphasized the company’s dedication to creating a positive environmental impact, “The launch of Insta Bag reflects our ongoing commitment to sustainability and our proactive approach to addressing environmental challenges. By making cloth bags readily available through the vending machine, we aim to reach out to more people, encouraging them to adopt sustainable practices in their daily lives. We believe that small actions can lead to significant changes, and this initiative is a step towards a greener future. Our goal is to inspire and empower the community to join us in our mission to combat climate change and promote environmental conservation.”

The Insta Bag vending machine is strategically located near Commercial Street, a major shopping hub in Bengaluru. This location is intended to help reduce the use of single-use plastic bags in such high-traffic shopping areas, promoting a more environmentally friendly alternative for shoppers. This initiative aligns with Randstad’s mission to become the world’s most equitable and specialized talent company while contributing to a more sustainable world.

The Insta Bag project was enabled by Randstad India’s implementation partners Green Mic, Instagood Technologies Pvt Ltd, Parihar NGO, Bengaluru Police, BESCOM, and BBMP. The inauguration event was graced by distinguished guests, including the Commissioner of Police, Bengaluru, Dayanand B; Deputy Commissioner of Police, Ms. Kshma Mishra; Joint Director of Parihar NGO, Rani Shetty; Akshata Bhadranna, founder of Green Mic; and ACP - East, Geetha.

Anjali Raghuvanshi, Chief People Officer & Senior Director of Business Innovation, Randstad India mentioned that the Insta Bag initiative is a brainchild of one of Randstad India’s ‘CEO for a Day’ winners, Shilpita Bose. ‘CEO for a Day’ is one of the company’s marquee internal rewards and recognition programs aligned with its triple bottom line approach of People - Planet - Profit.

About randstad india:

Randstad India is a leading talent company providing services across four key specializations - operational talent solutions, professional talent solutions, digital talent solutions, and enterprise talent solutions. The organization is committed to providing equitable opportunities to people from all backgrounds and helping them remain relevant in the rapidly changing world of work. Randstad India has a deep understanding of the labour market to help clients create high-quality, diverse, and agile workforces they need to succeed. In the process, the organization helps talent secure meaningful roles, develop relevant skills, and find purpose and belonging in their workplace.

Randstad India has been a leading player in the industry for more than 30 years and continues to deliver innovative and specialized talent solutions to clients across sectors. Randstad is a global talent leader with the vision to be the world’s most equitable and specialized talent company, active in 39 markets across the globe.

For more information, see: www.randstad.in

About randstad:

Randstad is a global talent leader with the vision to be the world’s most equitable and specialized talent company. As a partner for talent and through our four specializations - Operational, Professional, Digital and Enterprise - we provide clients with the high-quality, diverse and agile workforces that they need to succeed in a talent scarce world. We help people secure meaningful roles, develop relevant skills and find purpose and belonging in their workplace. Through the value we create, we are committed to a better and more sustainable future for all.

Headquartered in the Netherlands, Randstad operates in 39 markets and has approximately 40,000 employees. In 2023, we supported 2 million talent to find work and generated a revenue of €25.4 billion. Randstad N.V. is listed on the Euronext Amsterdam.

For more information, see www.randstad.com

SBI Cards And Payment Services Limited Financial Results For The Quarter Ended June 30, 2024

* Revenue from Operations at Rs 4,483 Cr Up 11% YoY; PAT at Rs 594 Cr

* The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended June 30, 2024, at their meeting.

Performance Highlights Q1 FY25

Total Revenue increased by 11% YoY at Rs 4,483 Cr in Q1 FY25 v/s Rs 4,046 Cr in Q1 FY24

PAT at Rs 594 Cr in Q1 FY25 v/s Rs 593 Cr in Q1 FY24

ROAA at 4.1% in Q1 FY25 v/s 5.0% in Q1 FY24

ROAE at 19.1% in Q1 FY25 v/s 23.3% in Q1 FY24

Capital Adequacy Ratio at 20.6%; Tier 1 at 16.8%

Business Highlights

Cards-in-force grew by 11% YoY at 1.92 Cr as of Q1 FY25 v/s 1.73 Cr as of Q1 FY24

New accounts volume at 904K in Q1 FY25 v/s 1,097K new accounts in Q1 FY24

Spends grew by 4% YoY at Rs 77,129 Cr in Q1 FY25 v/s Rs 73,913 Cr in Q1 FY24

Receivables grew by 22% YoY at Rs 52,705 Cr in Q1 FY25 v/s Rs 43,271 Cr in Q1 FY24

Market share for Q1 FY25 Card-in-force is at 18.5% (Q1 FY24: 19.6%), Spends is at 15.9% (Q1 FY24: 17.8%), #2 for Cards-in-force and #3 for spends, in industry

Profit & Loss Account for the Quarter ended June 30, 2024

Total income increased by 11% at Rs 4,483 Cr in Q1 FY25 v/s Rs 4,046 Cr in Q1 FY24. This movement was a result of the following key factors:

Interest income increased by 24% at Rs 2,243 Cr in Q1 FY25 v/s Rs 1,804 Cr in Q1 FY24

Fees and commission income was flat at Rs  2,115 Cr in Q1 FY25 v/s Rs 2,108 Cr in Q1 FY24

Finance costs increased by 34% at Rs 767 Cr in Q1 FY25 v/s Rs 571 Cr in Q1 FY24 due to higher receivables.

Total Operating cost decreased by 7% at Rs 1,816 Cr in Q1 FY25 from Rs 1,960 Cr in Q1 FY24

Earnings before credit costs increased by 25% at Rs 1,900 Cr in Q1 FY25 v/s Rs 1,515 Cr in Q1 FY24

Impairment losses & bad debts expenses increased by 53% at Rs 1,101 Cr in Q1 FY25 v/s Rs 719 Cr in Q1 FY24

Profit after tax was flat at Rs 594 Cr in Q1 FY25 v/s Rs 593 Cr in Q1 FY24

Balance Sheet as of June 30, 2024

Total Balance Sheet size as of June 30, 2024, was Rs  59,513 Cr as against Rs 58,171 Cr as of March 31, 2024

Total Advances (Net of provisions) as of June 30, 2024, were Rs 50,807 Cr, as against Rs 49,079 Cr as of March 31, 2024

Net worth as of June 30, 2024, was Rs 12,752 Cr as against Rs 12,156 Cr as of March 31, 2024

Asset Quality

The Gross non-performing assets were at 3.06% of gross advances as of June 30, 2024, as against 2.41% as of June 30, 2023. Net non-performing assets were at 1.11% as of June 30, 2024, as against 0.89% as of June 30, 2023.

Capital Adequacy

As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of Tier I and Tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of June 30, 2024, Company’s CRAR was 20.6% compared to 22.9% as of June 30, 2023.

The Tier I capital in respect of an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I capital was 16.8% as of June 30, 2024, compared to 20.3% as of June 30, 2023.

Rating

CRISIL Long Term         -             AAA/Stable

CRISIL Short Term        -             A1+

ICRA Long Term           -             AAA/Stable

ICRA Short Term          -             A1+