New Delhi: Punjab & Sind Bank reported a growth in net profit by 32.08% to Rs 457 crore from the year-ago period owing to an improvement in asset quality. For the financial year ended March 31, 2023, the bank’s net profit grew 26.37% to Rs1,313 crore.

During the quarter, the bank’s operating profit surged 69.09% to Rs 536 crore year-on-year (YoY). Return on asset improved 23 basis points (bps) and return on equity rose 259 bps. Net Interest Income (NII) grew 254% to Rs 547 crore.

Gross NPA was down to 6.97% from 12.17% in the year-ago period. Similarly, net NPA was lower at 1.84% from 2.74% a year ago. NII rose 12.10% to Rs 2,973 crore. Capital Adequacy ratio (CRAR) was at 17.10% with the Common Equity Tier 1 (CET-1) ratio of 14.32% at the end of March 2023.

As of March 31, 2023, Punjab & Sind Bank surpassed the targets in Priority Sector Advance that stands at 54.99% and Agriculture Advance at 20.67% of ANBC against the regulatory target of 40% and 18%, respectively.

Punjab & Sind Bank recently opened 25 new branches across the country, taking the total number of branches to 1,553. The bank was also awarded the Best Emerging Bank at MSME Banking Excellence Award.

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