Punjab & Sind Bank Q1FY25 profit grows 19% to Rs 182 cr
New Delhi: Punjab & Sind Bank reported net profit of Rs 182 crore, up 18.95% YoY.
Operating Profit stood at Rs 317 crore, up 23.35% YoY.
Total business registered a growth of 7.10% and stood at Rs. 2,08,331 crore.
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% to Rs 17498 crore and MSME advances grew by 13.63% to Rs 16,341 crore.
RAM Advances to Gross Advances improved by 292 bps from 49.57% to 52.49%.
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 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.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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