Punjab and Sind Bank records Net Profit of Rs.373 Cr against a Net Profit of Rs.278 Cr (Q-o-Q), posting growth of 34.17%. 

by Suman Gupta

Financial Results for the Quarter and Nine Months Ended 31^st December 2022

Key Highlights (Q3 FY 2023) 

• Net Profit stands at Rs.373 Cr against Net Profit of Rs.301 Cr for Dec’ 2021 and Rs.278 Cr for Sept’ 2022, a growth of 23.92% and 34.17% respectively.
• Operating Profit up by 8.18% (Q-o-Q) and 3.61% (Y-o-Y).
• Gross Non-Performing Assets (GNPA) ratio reduces by 608 bps on Y-o-Y basis to 8.36%.
• Net Non-Performing Assets (NNPA) ratio reduces by 99 bps on Y-o-Y basis to 2.02%.
• Capital Adequacy ratio (CRAR) at 15.57% with Common Equity Tier 1 (CET-1) ratio of 12.79% at the end of December 2022.
• Return on Assets (RoA) improves to 1.11%, improvement of 13 bps (Y-o-Y).
• Net Interest Income grows by 6.20% on Y-o-Y basis.
• Yield on Advances improves to 8.11%, improvement of 42 bps (Y-o-Y).
• CASA Deposit grows by 11.33% on Y-o-Y basis and its share in Total Deposit stands at 33.30%, improvement of 67 bps.
• RAM (Retail, Agriculture & MSME) Advances up by 19.07% (Y-o-Y).
• Retail advances up by 32.31% to Rs.14739 Cr (Y-o-Y).
• MSME advances up by 14.92% to Rs.13929 Cr (Y-o-Y).
• Agriculture advances up by 9.63% to Rs.11288 Cr (Y-o-Y).
• Credit – Deposit (CD) ratio improves to 71.00%, improvement of 452 bps (Y-o-Y).
• Slippage ratio improves to 0.36% for Q3 FY2023 from 0.58% for Q2 FY2023.

Other Highlights: 

• Total Business grows by 12.08% on Y-o-Y basis to Rs.187242 Cr as on Dec’ 2022.

• Total Deposit up by 9.11% on Y-o-Y basis to Rs.109497 Cr in Q3 FY2023.
• Gross Advances up by 16.54% on Y-o-Y basis to Rs.77745 Cr as on Dec’ 2022 against Rs.66710 Cr as on Dec’ 2021.
• RAM advances as a percentage of Gross Advances stands at 51.39%, improvement of 109 bps (Y-o-Y).
• Bank surpasses the targets in Priority Sector Advance at 52.54% and Agriculture Advance at 20.15% of ANBC, as on Sept’ 2022, against the target of 40% and 18% respectively.

• Credit to Small and Marginal farmers stands at 11.22% of ANBC, against the target of 9.50%.

• Credit to Weaker Sections stands at 13.41% of ANBC, against the target of 11.50%.

• Credit to Micro Enterprises stands at 13.25% of ANBC, against the target of 7.50%.

• Operating Profit shows a growth of 3.61% on Y-o-Y basis to Rs.344 Cr for Q3 FY2023 as against Rs.332 Cr for Q3 FY2022. The same was Rs.318 Cr for the quarter ended 30.09.2022.

• Cost to Income Ratio improves to 63.47% for Q3 FY2023 as against 64.20% for Q3 FY2022. The same was 65.30% for the quarter ended 30.09.2022.

• Provision Coverage Ratio (PCR) (including TWO) stands at 89.31% in Dec’ 2022 against 87.77% in Dec’ 2021.

Financial Inclusion: Bank is having 18.42 lakh PMJDY accounts with a CASA Deposits of Rs.539 Cr as at Dec’ 2022.

Distribution Network: As on 31^st Dec’ 22, the Bank has 1528 number of branches, out of which 572 are Rural, 278 Semi-Urban, 356 Urban and 322 Metro along with 803 number of ATMs, 357 BCs.

Awards & Accolades: 

• Top Improver Bank in EASE Reforms Index 5.0 for Q2 FY 2022-23.
• 3^rd Top Performing Bank in Theme 4 i.e. Collaboratively and Development focused banking under EASE 5.0 as on 30.09.2022.