Invest
Punjab & Sind Bank announced Q2FY24 results:
Financial Performance
1. Total Business: Punjab & Sind Bank's total business increased from Rs 1,78,977 crore in Q2FY23 to Rs 1,98,387 crore in Q2FY24, showing a growth of 10.85%.
2. Gross Advances: The bank's gross advances grew from Rs 73,739 crore in Q2FY23 to Rs 81,906 crore in Q2FY24, reflecting a growth of 11.08%.
3. Net Profit: Punjab & Sind Bank recorded a net profit of Rs 148.40 crore in Q2FY24, compared to Rs 137.88 crore in Q2FY23, indicating a growth of 7.67%.
4. Non-Interest Income: The bank's non-interest income increased from Rs 102 crore in Q2FY23 to Rs 131 crore in Q2FY24, representing a growth of 28.43%.
Asset Quality and Recovery
1. Gross NPA: Punjab & Sind Bank's gross NPA stood at 6.23% in Q2FY24, slightly down from 6.80% in Q2FY23.
2. Net NPA: The bank's net NPA ratio improved from 1.95% in Q2FY23 to 1.88% in Q2FY24.
3. Recovery/Upgradation: The bank reported a recovery/upgradation of 131 crore in Q2FY24, while in the previous year, it was at 107 crore.
Business Growth and Highlights
1. Core Retails Advances: Punjab & Sind Bank witnessed growth in its core retail advances, reaching Rs 14,881 crore in Q2FY24 from Rs 12,619 crore in Q2FY23, reflecting a growth of 17.62%.
2. CASA Deposit: The bank's CASA (current account and savings account) deposit increased from Rs 35,102 crore in Q2FY23 to Rs 36,327 crore in Q2FY24, representing a growth of 3.49%.
3. PCR (Provision Coverage Ratio): Punjab & Sind Bank maintained a high PCR with 89.16% in Q2FY24, indicating a robust provision coverage for potential loan losses.
