Punjab & Sind Bank PAT rises 24% YoY to Rs 373 cr in Q3

Punjab & Sind Bank reported 24.07% jump in net profit to Rs 373.24 crore on 9.94% increase in total income to Rs 2,245.07 crore in Q3 FY23 over Q3 FY22.

Net Interest Income grew 6.2% YoY to Rs 805 crore during the period under review. Net Interest Margin improved by 28 basis points to 3.04%.

Operating Profit grew 3.61% YoY to Rs 344 crore in Q3 FY23 as against Rs 332 crore posted in Q3 FY22.

Total deposits rose by 9.11% on YoY basis to Rs 1,09,497 crore in Q3 FY23. Gross advances increased by 16.54% on YoY basis to Rs 77,745 crore as on 31 December 2022 against Rs 66,710 crore as on 31 December 2021.

CASA deposit grows by 11.33% on YoY basis to Rs 36,460 crore and its share in total deposit stood at 33.30%, improvement of 67 basis points.

On the asset quality side, gross non-performing assets (NPAs) stood at Rs 6,499.91 crore as on 31 December 2022 as against Rs 7,128.45 crore as on 30 September 2022 and Rs 9,635.75 crore as on 31 December 2021.

The ratio of gross NPAs to gross advances stood at 8.36% as on 31 December 2022 as against 9.67% as on 30 September 2022 and 14.44% as on 31 December 2021.

The ratio of net NPAs to net advances stood at 2.02% as on 31 December 2022 as against 2.24% as on 30 September 2022 and 3.01% as on 31 December 2021.

Provision coverage ratio (PCR) was at 89.31% in December 2022 as against 87.77% in December 2021. Slippage ratio stood at 0.36% for Q3 FY23 as compared with 0.37% for Q3 FY22.

Capital adequacy ratio (CRAR) at 15.57% with Common Equity Tier 1 (CET-1) ratio of 12.79% at the end of December 2022.

Punjab & Sind Bank is a relatively small PSB, founded in 1908 in New Delhi. GoI's ownership stood at 98.25% as on 31 December 2022. The bank has 1528 number of branches, out of which 572 are rural, 278 semi-urban, 356 urban and 322 metro along with 803 ATMs.

The scrip rose 0.16% to Rs 31.95 on the BSE.

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