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Punjab & Sind Bank.

BSE: 533295 Sector: Financials
NSE: PSB ISIN Code: INE608A01012
BSE 15:27 | 06 Dec 16.20 0.05
(0.31%)
OPEN

16.80

HIGH

16.80

LOW

15.80

NSE 15:19 | 06 Dec 16.15 0.05
(0.31%)
OPEN

16.45

HIGH

16.45

LOW

16.10

OPEN 16.80
PREVIOUS CLOSE 16.15
VOLUME 47979
52-Week high 23.79
52-Week low 11.94
P/E
Mkt Cap.(Rs cr) 6,565
Buy Price 16.15
Buy Qty 1.00
Sell Price 16.25
Sell Qty 3018.00
OPEN 16.80
CLOSE 16.15
VOLUME 47979
52-Week high 23.79
52-Week low 11.94
P/E
Mkt Cap.(Rs cr) 6,565
Buy Price 16.15
Buy Qty 1.00
Sell Price 16.25
Sell Qty 3018.00

Punjab & Sind Bank. (PSB) - Chairman Speech

Company chairman speech

Dear stakeholders I place before you the highlights of your Bank's performance for theFY 20202021 details of which have been given in the Annual Report.

Punjab & Sind Bank set-up in 1908 was founded with the vision and principle ofsocial commitment to help and uplift the weakest and raise their standard of living.Today the Bank with Pan India presence through 1526 branches proudly carries the legacyand is contributing in development of the society and nation. Our tagline Where service isa way of life is woven to the core of our fabric and inculcated in each and every PSBian.

The year 2020-21 has posed many challenges globally predominantly by COVID 19. It haschallenged the social and economic fabric globally. Indian economy though was in negativetrajectory for first two quarters showed its resilience and rebounded with positivegrowth in the third quarter itself registering a 'V' shape recovery.

To support the economy social and health infrastructure of the country the Governmenttook various initiatives which acted as a sanjeevni and revived the economy at a muchfaster pace as compared to various other western economies.

The pandemic has brought a paradigm shift in the way businesses are transacted andgiven a new buzzword new normal.

Key performance of the Bank

During the year the business of the Bank grew by 7.68% on YoY basis. Deposits grew by7.18% and Advances by 8.39%. The thrust on CASA deposits bore its results and it grew by18.90% on YoY basis. The bank's reemphasis on RAM Segment advances (Retail Agricultureand MSME) also gave good results thereby achieving growth of 12.25 % in Retail 15.47% inAgriculture (Excluding RIDF) and 7.07% in MSME Advances (Excluding RIDF & includingPSLC of Rs. 2130 Crore) respectively.

FINANCIAL PERFORMANCE

During the financial year 2020-21 the cost of deposits improved by 98 basis pointswhich was more than the decrease of 76 basis points in yield on advances. Consequentlythe Net Interest Income (NII) has improved by Rs.204 crore and Net Interest Margin (NIM)has improved by 23 basis points from 1.88% (2019-20) to 2.11% (2020-21).

Operating Profit of the Bank has decreased to Rs.771 crore during 2020-21 as comparedto Rs.1097 crore during 2019-20 mainly due to providing one time expenditure of Rs.369Crore towards provision for terminal benefits as per revised actuarial projection onaccount of latest mortality rate IALM 2012-14. The Bank reported a Net Loss of Rs.2733crore for 2020-21 on account of higher provisions. After posting net loss consecutivelyfor eight quarters the Bank registered a Net Profit of Rs. 161 crore for the quarterended March 2021

PRIORITY SECTOR AND FINANCIAL INCLUSION

During 2020-21 the Bank has credibly achieved the following mandated targets:

S 41.36 % of the Adjusted Net Bank Credit (ANBC) against 40% norm in Priority Sector S9.62 % of the ANBC against 8% to Small and Marginal Farmers S 8.12 % of the ANBC against7.50 % mandated target to Micro Enterprises

Sh. S Krishnan
Managing Director & Chief Executive Officer

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