PSB register a growth of 8.93% (YoY) in Q3

Punjab & Sind Bank today announced the financial results for the Quarter/Nine months period ended 31.12.2017.  Total Business of the Bank increased from Rs.1,47,692 crore to Rs.1,60,882 crore registering of a growth of 8.93% (YoY).  The Bank has earned an Operating Profit of Rs.353 crore for the quarter ended 31.12.2017 registering a growth of 27.44% (YoY).  The Bank has made provisions under NCLT referred cases and provided depreciation on securities, as a result of which the Net profit  has decreased from Rs. 77 crore to (-) Rs.258 crore (YoY).

Deposits increased from  Rs 89,119 crore  to  Rs 96,609 crore  registering a growth of 8.40%  (YoY).   Gross Advances increased  by 9.73%  (YoY) and stood at Rs. 64,273 crore as on 31.12.2017.  Retail Lending  increased to Rs. 14,153 crore  registering a growth of 13.20% (YoY).

The Cost of Deposit has reduced to 5.85% from 6.68% (YoY). During the quarter ended 31.12.2017, Net Interest Margin (NIM) improved by 16 basis points from 2.04% to 2.20% (YoY) &  Net Interest Income (NII) increased from Rs.511 crore to Rs.600 crore, registering YoY increase of 17.42%.  Credit to Deposit (CD) ratio has improved  from 65.72% to 66.53% for the same period.  Cost to Income ratio has improved by 604 basis points from 57.98% to 51.94%. (YoY) .  Net Worth of the Bank  stood at Rs.4,796.64 crore as on 31.12.2017.

Gross NPAs of the Bank stood at Rs.7,040.28 crore (10.95%) as on 31.12.2017 and Net NPAs stood at Rs.4,439.26 crore (7.20 %) as on 31.12.2017 . However, the  Gross NPA  has decreased from  11.25%  to 10.95% and Net NPA has decreased from 7.72% to 7.20%  as compare to second quarter (Sept 2017) of the same fiscal.

Dr. Fareed Ahmed, Executive Director, of the Bank stated that the Bank is making earnest efforts to promote the digital platforms.