New Delhi, 7th August 2023: Punjab & Sind Bank, a leading PSU bank, is pleased to announce its outstanding financial results for the first quarter of FY 2024. The company achieved remarkable growth across various key metrics, demonstrating its resilience and ability to adapt to changing market conditions.
Total Business: The company’s overall business witnessed robust growth, increasing by an impressive 11.63% in the first quarter of FY 2024 compared to the same period last year. This growth showcases our commitment to delivering value to our customers and shareholders.
Total Deposit: We are pleased to report that the total amount of money deposited by our valued customers increased by 12.49% compared to the previous year’s first quarter. This growth reflects the trust and confidence our customers have in our services.
Gross Advances: Our commitment to supporting economic activities is evident in the 10.43% increase in the total amount of money lent out compared to the first quarter of the previous year. We continue to foster financial inclusion and empower businesses and individuals through our lending initiatives.
CASA Deposit: We are proud to share that the money in our current and savings accounts increased by 4.84% from the previous year, highlighting the attractiveness of our offerings and the effectiveness of our customer-centric approach.
RAM Advances: The amount of money we lent for retail, agriculture, and MSME sectors surged by an impressive 19.64% from the last year’s first quarter, furthering our commitment to fostering growth in key sectors of the economy.
Core Retail Advances: Our dedication to meeting retail demands is evident in the 18.16% increase in the amount of money lent for retail purposes compared to the previous year’s first quarter.
Gross NPA: Our efforts to maintain robust credit quality resulted in a significant decrease in the percentage of bad loans from 11.34% to 6.80%. This indicates our continuous focus on prudential risk management and responsible lending practices.
Net NPA: Our Net NPA also improved, decreasing from 2.56% to 1.95% after accounting for provisions, demonstrating our proactive approach to managing credit risk.
PCR with TWO: We are pleased to share that our provision coverage ratio increased slightly from 88.10% to 88.58%, reaffirming our commitment to maintaining a strong buffer to cover potential credit losses.
Operating Profit: Despite challenging market conditions, our operating profit increased by 1.98% compared to the first quarter of the previous year, highlighting our operational efficiency and sound business strategies.
Net Profit: While we faced certain headwinds, our net profit demonstrates our dedication to preserving financial stability while delivering sustainable growth. Although it decreased by 25.37% compared to the same period last year, we remain confident in our long-term prospects.
Non-Interest Income: We are delighted to report that our income earned from sources other than interest witnessed a significant surge, increasing by 54.78% from the previous year. This diversification of revenue sources reinforces our ability to adapt to changing market dynamics.
Yield on Advances (YoA): Our focus on optimizing loan profitability resulted in a noteworthy increase of 143 basis points in the interest income earned on loans, reflecting our prudent approach to lending.
Net Worth: We are proud to share that our net worth increased by an impressive 38.02% from the previous year’s first quarter, showcasing the financial strength and stability of our organization.
CRAR: Our commitment to maintaining a strong capital base and financial stability is evident in the increase of our Capital to Risk-Weighted Assets Ratio from 16.79% to 17.19%.