Net profit of Punjab & Sind Bank stands at Rs 373 cr in Q3 FY23

Net profit of Punjab & Sind Bank stands at Rs 373 crores as against Rs 301 crores for December 2021, recording a growth of 23.92 percent in Q3 FY23
Net profit of Punjab & Sind Bank stands at Rs 373 cr in Q3 FY23
Net profit of Punjab & Sind Bank stands at Rs 373 cr in Q3 FY23

New Delhi: Punjab & Sind Bank stated in a regulatory filing that its "net profit stands at Rs 373 crores as against Rs 301 crores for December 2021 and Rs 278 crores in September 2022, recording a growth of 23.92 percent and 34.17 percent respectively." The bank said, "its operating profit increased by 8.18 percent on q-o-q basis. On y-o-y basis, it increased by 3.61 percent. Its Gross Non-Performing Assets (GNPA) ratio decreased by 608 bps to 8.36 percent and net NPA reduced by 99 bps to 2.02 percent on y-o-y basis."

Bank's capital adequacy ratio stands at 15.57%

"The bank's capital adequacy ratio stands at 15.57 percent with Common Equity Tier 1 (CET-1) ratio of 12.79 percent at the end of December 2022," said the filing. The bank's return on assets shows improvement of 13 bps on y-o-y basis, it added.

Net interest income has increased by 6.20% on y-o-y basis

"The net interest income has increased by 6.20 percent on y-o-y basis. Its yield on advances has improved by 42 bps, recording a growth of 8.11 percent. CASA deposit has increased by 11.33 percent and its total deposit stands at 33.3 percent," it added. The bank also recorded a growth of 452 bps in its credit deposit ratio on y-o-y basis.

The filing also said that the bank's slippage ratio has improved from 0.58 percent for Q2 FY2023 to 0.36 percent for Q3 FY2023. "Its RAM (Retail, Agriculture & MSME) Advances grew by 19.07 percent and retail advances increased by 32.31 percent to Rs 14,739 crores on y-o-y basis. The bank's MSME advances increased by 14.92 percent to Rs 13,929 crores and agriculture advances grew by 9.63 percent to Rs 11,288 crores on y-o-y basis," it added.

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