Punjab & Sind Bank

S K Saha, managing director and chief executive of the bank, said the lender is trying to create an image of a niche bank

State-owned Punjab & Sind Bank on Saturday reported a 24 per cent jump in profit at Rs 373 crore for the quarter ended December 2022, aided by healthy growth in interest income and decline in bad loans. The bank had posted a net profit of Rs 301 crore in the same quarter a year ago. Total income increased to Rs 2,245 crore in the December quarter from Rs 2,042 crore in the year-ago period, the bank said in a regulatory filing. The bank's interest income increased to Rs 2,107.44 crore from Rs 1,871.18 crore in the third quarter a year ago while Net Interest Income (NII) improved to Rs 805 crore from Rs 758 crore in October-December quarter of the previous fiscal. Net Interest Margin (NIM) stood at 3.12 per cent at the end of December 2022. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 8.36 per cent as compared to 14.44 per cent at the end of third quarter of previous fiscal. Net NPAs also eased to 2.02 per cent as

Punjab and Sind Bank is expected to cross Rs 2 lakh crore business milestone soon on the back of robust growth in loans, its managing director Swarup Kumar Saha has said. In the third quarter of the current financial year, he said, the bank has witnessed a credit growth of 17 per cent to Rs 78,049 crore. "Topline growth is in line with our guidance while other key parameters like asset quality and slippages are also under control," he told PTI. The bank's current account and savings accounts increased by 11.33 per cent to Rs 36,460 crore at the end of the third quarter. The total business rose by 12.26 per cent to Rs 1.87 lakh crore at the end of December 31, 2022, Saha said. Talking about new initiatives, Saha said the bank has recently partnered with SBI Card to launch co-brand credit cards for its customers. Available in three variants -- PSB SBI Card ELITE, PSB SBI Card PRIME and PSB SimplySAVE SBI Card -- will have access to a wide suite of exclusive privileges. The bank is

PSU Bank index surged 71 per cent in CY22, recording the highest-ever gain since it debut in 2011

Stocks to Watch: Balrampur Chini, Indiabulls Housing Finance and Punjab National Bank (PNB) were the three stocks in F&O ban period on Wednesday.

City-based Punjab & Sind Bank on Tuesday said its board will meet on December 30 to consider a proposal for raising up to Rs 250 crore by various modes, including equity and bonds issuance, the bank said on Tuesday. The bank said it plans to raise capital up to an amount and aggregating to Rs 250 crore in any combinations of equity shares or debt in the form on Basel III compliant bonds. The capital will be raised in one or more tranches within a period of 12 months from the date of approval by way of issue of these instruments, the lender said. Punjab & Sind Bank shares closed flat at Rs 32.70 apiece on BSE.

In past one month, the stock price of UCO Bank zoomed 151%, while of Punjab & Sind Bank by 147%, as compared to 23% rise in the Nifty PSU Bank index and less than 1% gain in Nifty 50.

So far in 2022, the Nifty Bank Index has soared 24 per cent, far outperforming the benchmark indices, the BSE Sensex and Nifty 50, which have gained close to 8 per cent each.

Punjab & Sind Bank trading higher for the fourth straight day, surging 42 per cent during the period, and quoted at its highest level since February 2018.

In the past one month, the Nifty PSU Bank index has rallied 17.4 per cent as against a 2.1 per cent gain in the S&P BSE Sensex

Punjab & Sind Bank managing director Swarup Kumar Saha has said that the lender is targeting a Current Account Savings Account (CASA) ratio of 35 per cent by the end of the ongoing fiscal and the bank has undertaken various efforts to achieve the goal. CASA ratio, the low cost deposit base, of the state-owned bank stood at 33.36 per cent (Rs 35,102 crore) at the end of September, 2022. Higher CASA ratio pushes profitability of banks as banks can earn higher spreads. "We are looking at CASA ratio of 35 per cent...second half is good for our bank, which is north based, as a lot of savings from agriculture income is routed to these accounts post harvest," he told PTI in an interview. Besides, he said, the bank is focussing on mobilising salary accounts and salary deposit to augment low cost deposit base. As part of this endeavour, he said, the bank has recently tied up with Chandigarh Municipal Corporation to open salary accounts of their 10,000 employees. Similarly, he said, the ...

'After coming out of four years of losses, we want to grow qualitatively'

State-owned Punjab & Sind Bank expects to clock a net profit of around Rs 1,100 crore in the current financial year on the back of resolution of bad loans. The bank has given a NPA recovery guidance of Rs 2,000 crore for the ongoing fiscal, Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI in an interaction. Out of this, Rs 700 crore has already been realised, he said, adding some big resolutions like Sintex Industries and Meenakshi Energy are going to happen in the coming quarter. Besides, he said, resolution of some IL&FS group accounts is expected during the current fiscal. Helped by strong recoveries, he said, "we are looking at profitability of Rs 1,100-1,200 crore in FY'23." During the first half of the fiscal, the bank earned a profit of Rs 483 crore as against Rs 392 crore in the same period a year ago. The bank had gone through rough patches but it was able to make a historic turnaround and recorded an annual profit of Rs 1,039 crore in FY22 -- the ..

State-owned Punjab & Sind Bank would take a call on raising equity capital through qualified institutional placement (QIP) after taking into account third quarter numbers and pace of loan growth, the bank's managing director Swarup Kumar Saha said. As far as capital adequacy is concerned, the bank is well-capitalised at 15.68 per cent and it can easily take care of business growth this year, he told PTI in an interaction. However, he said, "There is a need to build some buffer on the equity side. So, we would plan a small amount of capital mobilisation either through equity or bonds, say Rs 250 crore or Rs 300 crore. "We will watch our third quarter performance and momentum of credit demand and based on that make a decision with regard to QIP or other means." The bank has redeemed Additional Tier 1 (AT1) bonds, he said, adding, now the bank would try other means including QIP, which is cost effective. The government of India's holding in the bank stood at 98.25 per cent at the end

Public sector lender Punjab & Sind Bank on Saturday said its net profit rose 27 per cent to Rs 278 crore in the second quarter of FY23 on the back of reduction in bad loans. The bank had reported a profit of Rs 218 crore in the year-ago period. Total income of the bank during the July-September quarter of FY23 rose to Rs 2,120.17 crore against Rs 1,974.78 crore in the corresponding period of FY22, Punjab & Sind Bank said in a regulatory filing. The bank's gross non-performing assets (NPAs) declined to 9.67 per cent of the gross advances at the end of September 2022 from 14.54 per cent during the same period a year ago. In value terms, the gross NPAs (bad loans) of the Delhi-headquartered bank stood at Rs 7,128.45 crore by the end of Q2FY23, as against Rs 9,822.80 crore in Q2FY22. Net NPAs also came down to 2.24 per cent from 3.81 per cent in the second quarter of previous year. As a result, the bank's provisions for bad loans and contingencies declined to Rs 125 crore for the .

Tamilnad Mercantile Bank Ltd on Sunday said veteran banker Krishnan Sankarasubramaniam has taken over as its managing director and Chief Executive Officer with immediate effect. Sankarasubramaniam succeeds K V Rama Moorthy and his term would be for a period of three years, which has been approved by the Reserve Bank of India. Prior to taking up the new role, Sankarasubramaniam was serving Punjab and Sind Bank as its Managing Director and CEO, a bank statement said here. During his tenure at Punjab and Sind Bank, he played a crucial role in the bank's turnaround leading to it registering the highest ever profit in 2021-22. A post graduate in commerce from the Madurai Kamaraj University and a qualified cost accountant, Sankarasubramaniam had served Syndicate Bank as its executive director before joining Punjab and Sind Bank. As executive director at Syndicate Bank, he was overseeing almost all the portfolios of the bank particularly corporate credit, integrated treasury, risk ...

Decrease in slippages and higher recoveries to help state-owned lender, says agency

The Punjab Police has arrested another person in connection with the killing of Punjabi singer Sidhu Moosewala, taking the number of people held in the case so far to three

The Reserve Bank on Friday said it has imposed a penalty of Rs 27.5 lakh on Punjab & Sind Bank for non-compliance with certain directions issued by it on 'external benchmark-based lending'. A statutory examination of Punjab & Sind Bank revealed non-compliance with the directions, inter-alia, to the extent the bank linked certain floating rate retail loans and floating rate loans to micro and small enterprises, extended by it after October 1, 2019, to MCLR instead of an external benchmark, RBI said. A show cause notice was issued to the bank. "After considering the bank's reply to the notice, oral submissions made in the personal hearing and examination of additional submissions made by it, RBI came to the conclusion that the charge of non-compliance ... was substantiated and warranted imposition of monetary penalty...," RBI said. The Reserve Bank of India (RBI), however, added that the penalty is based on the deficiencies in regulatory compliance and is not intended to ...

The government has appointed A Manimekhalai as managing director of Union Bank of India and Swarup Kumar Saha as head of Punjab & Sind Bank. The notifications in this regard were issued by the Department of Financial Services earlier in the day, sources said. Canara Bank executive director Manimekhalai replaced Rajkiran Rai G, who retired on May 31 after a five-year stint. With her assuming the charge, Manimekhalai becomes the first woman managing director of Union Bank of India. Manimekhalai, a Master of Business Administration degree holder from Bangalore University, joined erstwhile Vijaya Bank as Officer in 1988. Prior to being elevated as ED of Canara Bank, she was General Manager of Vijaya Bank and headed the Bangalore north region. She was instrumental in devising and implementing strategic policies, covering core areas like strategic planning, setting organisational goals, growth strategies, action plans, compliance, internal control, etc, Union Bank of India said in a ...