Page 3 - Punjab & Sind Bank

Punjab & Sind Bank, WDRA agreement to offer low-interest loans for farmers

MoU aimed at promoting awareness and extending loans against e-NWRs with no collateral

Punjab & Sind Bank Q3 results: Net profit drops 69% to Rs 114 crore

State-owned Punjab & Sind Bank on Wednesday reported a 69 per cent decline in its net profit to Rs 114 crore for the third quarter ended December 2023. The Delhi-headquartered bank had earned a net profit of Rs 373 crore in the same quarter a year ago. Its total income increased to Rs 2,853 crore during the quarter under review against Rs 2,245 crore in the same period last year, Punjab & Sind Bank said in a regulatory filing. The interest income rose to Rs 2,491 crore against Rs 2,107 crore in the year-ago period. On the asset quality front, gross non-performing assets (NPAs) declined to 5.70 per cent of the gross loans by the end of December 2023 from 8.36 per cent a year ago. Similarly, net NPAs or bad loans came down to 1.80 per cent from 2.02 per cent at the end of the third quarter of the previous fiscal. Capital Adequacy Ratio of the bank improved to 16.13 per cent compared to 15.57 per cent at the end of December 2022. During the quarter, the bank crossed a business ...

RBI imposes Rs 2.49 crore penalty on 3 banks including Punjab & Sind

The Reserve Bank on Friday said it has imposed penalties totalling Rs 2.49 crore on three banks, including Dhanlaxmi Bank and Punjab and Sind Bank, for contravention of regulatory norms. A penalty of Rs 1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances Statutory and Other Restrictions', KYC and certain norms related to interest rate on deposits, the Reserve Bank of India (RBI) said. Further, a fine of Rs 1 crore has been imposed on Punjab and Sind Bank for non-compliance with certain directions on 'Loans and Advances Statutory and Other Restrictions'. The central bank has also imposed a penalty of Rs 29.55 lakh on ESAF Small Finance Bank for non-compliance with the directions issued by it on 'Customer Service in Banks'. The penalties are based on the deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the lenders with their customers,

Punjab & Sind Bank Q2 results: Net profit down 32% to Rs 189 crore

Public sector lender Punjab & Sind Bank on Friday reported a 32 per cent decline in net profit to Rs 189 crore in the September quarter. The bank had reported a profit of Rs 278 crore in the year-ago period. Total income of the bank during the July-September period rose to Rs 2,674 crore against Rs 2,120 crore in the corresponding period of FY23, Punjab & Sind Bank said in a regulatory filing. The bank's gross Non-Performing Assets (NPAs) declined to 6.23 per cent of the gross advances at the end of September from 9.67 per cent in the same period last year. In value terms, gross NPAs (bad loans) of the Delhi-headquartered bank stood at Rs 5,106 crore by the end of the second quarter of the current fiscal, as against Rs 7,128 crore in the year-ago period. Net NPAs also came down to 1.88 per cent from 2.24 per cent in the second quarter of the last fiscal. Capital adequacy of the bank improved further to 17.23 per cent as against 15.68 per cent at the quarter, the filing ...

Tax deadlines to special FDs: 5 important financial dates in November 2023

One of the major requisites for pensioners post their retirement is to provide life certificates to the authorised pension disbursing agencies like Banks, Post offices etc.

RBI imposes monetary penalty on SBI, Punjab & Sind Bank and Indian Bank

Punjab & Sind Bank has to pay a fine of Rs 1 crore for failing to comply with regulations

Punjab & Sind Bank plans to raise Rs 250 crore via QIP in third quarter

State-owned Punjab & Sind Bank plans to raise Rs 250 crore through share sale to institutional investors in the third quarter of the current fiscal. "The bank has got approvals for capital raising of Rs 250 crore via Qualified Institutional Placement (QIP) in the next quarter," Punjab & Sind Bank managing director Swarup Kumar Saha told PTI. It will help achieve the twin objective of capital raising and dilution of the government's holding in the bank, he said. Government of India holds a 98.25 per cent stake in the bank which was listed on the stock exchanges in 2010. He said that the government's nod is also in place for the capital raising. The bank had written to the Centre seeking its approval for capital raising in May this year. As part of a strategy to increase touch points and brand visibility, Saha said the bank is aiming for 2,000 branches and as many ATMs in the country in the next three years. The addition of branches would help mobilise low-cost deposits and also

Punjab & Sind Bank aims for 2,000 branches and ATMs by March 2026

Punjab & Sind Bank is aiming for 2,000 branches and as many ATMs in the country in the next three years as part of its strategy to increase touch points and brand visibility. The bank intends to open 50 branches during the current financial year, taking the branch count to over 1,600, Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI. The bank added 28 branches in the last financial year, taking the total count to 1,555. "Overall, the branch network would cross 2,000 by the end of three years say by March 2026. The bank is now present in 319 districts of the country. The idea is to have a presence in each district of the country. Tier II and III cities would be the focus area and we will expand presence where the bank is sparsely present," he said. The addition of branches would help mobilise low-cost deposits and also increase penetration of loan products, he said. "We are trying to build operational efficiency more so that I can reduce my cost and increase my ..

Punjab & Sind Bank plans to double ATM network to 1,600 in next two years

State-owned Punjab & Sind Bank plans to double its ATM network to about 1,600 in the next two years to increase its touch points and brand visibility. Besides, the bank also intends to open 50 more branches during the current financial year taking the total network beyond 1,600, Punjab & Sind Bank managing director Swarup Kumar Saha told PTI. The addition of new branches would add to low-cost deposits and help in penetration of loan products, he said. "We are trying to build operational efficiency more so that I can reduce my cost and increase my fee income. We are moving to very granular areas like increasing ATM network, improving digital banking experience," he said. He said ATM network can itself be a profit centre because outside customer pays about Rs 17 per transaction for the use of ATM machine. The bank is in the process of upgrading its core banking solution (CBS) which would help digital journey much better and also bring in efficiency, he said. With regard to ...

Large exposures carefully scrutinised; will remain vigilant in good times

The slippage went high due to the recognition of one mid-corporate account into NPA with an exposure of Rs 92 crore

Punjab & Sind Bank plans to foray into MF space; to finalise partner by Sep

In a bid to expand fee-based income, state-owned Punjab & Sind Bank is planning to foray into mutual fund space and hopes to find a partner by September, a senior official has said. "The bank has already floated a Request for Proposal to finalise a partner in the Fintech space, and we hope to conclude the process soon," Punjab & Sind Bank managing director Swarup Kumar Saha told PTI. He expressed hope that the bank would be able to zero in on a partner by the end of the second quarter and start operations during the current financial year. The asset management business would help the bank in increasing fee income by cross-selling products, he noted. There are 44 asset management companies operating in India. Assets Under Management (AUM) management by these companies stood at Rs 44,39,187 crore as of June 30, 2023. The AUM of the Indian MF Industry has grown from Rs 8.11 lakh crore at June-end 2013 to Rs 44.39 lakh crore as of June 30, 2023, more than a five-fold increase in a

Punjab & Sind Bank's net profit falls 25% to Rs 153 crore in June quarter

Public sector lender Punjab & Sind Bank on Saturday reported a 25 per cent decline in net profit to Rs 153 crore for the June 2023 quarter, partly due to the provision of wage revision and fresh slippages. The lender had reported a net profit of Rs 205 crore in the April-June quarter of 2022-23. The total income increased to Rs 2,494 crore in the first quarter of 2023-24 against Rs 1,915 crore a year ago, as per a regulatory filing. During the quarter, the bank earned an interest income of Rs 2,316 crore compared to Rs 1,800 crore in the year-ago period. Explaining the reason for the decline in profit, Punjab & Sind Bank managing director Swarup Kumar Saha said the bank has made a Rs 57 crore provision towards the wage revision under negotiation and Rs 450 crore in fresh slippages, including a mid-corporate of Rs 92 crore in the quarter. The bank has made a provision of Rs 42 crore for that particular account, which is in the logistics business, he said. On the asset quality ..

Stocks to Watch today, Jun 13: HDFC, Airline, Zee, Patanjali, EIL, HeroMoto

Stocks to watch on June 13, 2023: Shares of airline company are likely to be in focus on Tuesday after the DGCA eased norms to launch new overseas destinations.

Punjab & Sind Bank plans to raise Rs 750 cr via bonds to fund growth

State-owned Punjab & Sind Bank on Monday said it plans to raise Rs 750 crore from bonds to fund business growth. The decision to this effect was taken in the board meeting on Monday. The board has approved the raising of capital up to Rs 750 crore through the issuance of Basel-III compliant Additional Tier-I Bonds or Tier-II Bonds, the bank said in a regulatory filing. The fundraising will be done in one or more tranches within a period of 12 months, it said.

Punjab & Sind Bank will improve underwriting standards: MD & CEO Saha

We had a growth of 15 per cent in advances and more than 7 per cent in the deposit side in FY23. The gap of 8 per cent is in line with the industry trends - MD & CEO Saha

Punjab & Sind Bank Q4 results: Net profit jumps 32% to Rs 457 crore

The bank in its exchange filing on Tuesday mentioned that sequentially net profit of the bank jumped 23 per cent from Rs 373 crore reported in the October-December period

Punjab & Sind Bank's Q4 net profit up 32%, gross NPAs down to 6.97%

In FY23, the net profit was up 26.3 per cent to Rs 1,313.03 crore

Tata Capital to LIC Housing finance: Companies to raise funds from markets

Punjab & Sind Bank will raise funds through the sale of certificates of deposit maturing in three months

Punjab & Sind Bank open 25 new branches across India, takes total to 1,553

State-owned Punjab & Sind Bank on Monday announced the opening of 25 new branches across the country. With the opening of the new branches, the bank has now a total of 1,553 branches pan-India, Punjab & Sind Bank said in a statement. Considering the geographical spread, these 25 branches were inaugurated virtually from the bank's head office in the presence of top executives, it said. Punjab & Sind Bank Managing Director Swarup Kumar Saha said the bank has taken a new milestone to its journey of excellence and by opening new branches bank will look at enhancing its market outreach and all efforts will be made to mobilise quality business.

Punjab & Sind Bank upgrades its FY23 guidance for NIMs, credit costs

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