Hyderabad/New Delhi, 29 July 2024: Punjab & Sind Bank today announced their financial results for the quarter ended 30 June 2024.
The Bank’s performance on a year-on-year basis showed that the total business registered a growth of 7.10% and stood at Rs. 2,08,331 Cr. Total Deposit grew by 5.59%, and Retail Term Deposits showed a good growth of 10.15%. Total advances grew by 9.24%, whereas RAM advances registered a healthy growth of 15.69%. Retail advances grew by 22.99% and MSME advances grew by 13.63%. RAM Advances (%) to Gross Advances improved by 292 bps from 49.57% to 52.49%. Operating Profit up by 23.35% and Net Profit up by 18.95%. Gross NPA ratio improved by 208 bps and Net NPA ratio improved by 36 bps. CD Ratio of the Bank improved by 244 bps from 70.32% to 72.76%.
The Bank’s performance on a quarter-on-quarter basis showed the Net Profit up by 30.94%. Net Interest Income grew by 23.37%. Yield on Investment (%) improved by 23 bps. Net Interest Margin (%) of the Bank improved by 37 bps. Return on Avg. Assets (%) improved by 12 bps. CRAR (%) improved by 14 bps from 17.16% to 17.30%.
The major developments for the Bank in Q1 FY 2024-25 included signing of MoU with the Indian Army offering a best-in-class salary package for serving personnel and pensioners, tie-up with Maruti Suzuki India Ltd. for extending Car loans through their digital platform and collaboration with M/s FISDOM for Stocks & Mutual Fund Investments for wealth building of customers. The Bank also opened a Model Branch at Safdarjung Enclave, New Delhi to attract the new Gen Customers as well as launched a mobile ATM.
Q1 FY2024-25 Key Highlights (Y-o-Y)
| Parameters | Q1 FY 23-24 | Q1 FY 24-25 | Growth (%) |
| Total Business (in Cr) | 194525 | 208331 | 7.10 |
| Total Deposit (in Cr) | 114211 | 120593 | 5.59 |
| CASA Deposits (in Cr) | 36194 | 38134 | 5.36 |
| Retail Term Deposits (In Cr) | 46616 | 51346 | 10.15 |
| Total Advances (in Cr) | 80314 | 87738 | 9.24 |
| RAM Advances (in Cr) | 39809 | 46056 | 15.69 |
| Retail Advances (in Cr) | 14227 | 17498 | 22.99 |
| Agriculture Advances (in Cr) | 11200 | 12217 | 9.08 |
| MSME Advances (in Cr) | 14382 | 16341 | 13.63 |
| RAM Advances (%) to Gross Advances | 49.57 | 52.49 | 292 bps |
| Interest Income (In Cr) | 2316 | 2652 | 14.51 |
| Non-Interest Income (in Cr) | 178 | 194 | 8.99 |
| Yield on Advances (YoA) (%) | 8.45 | 8.70 | 25 bps |
| Yield on Investment (%) | 6.75 | 7.05 | 30 bps |
| Operating Profit (in Cr) | 257 | 317 | 23.35 |
| Net Profit (in Cr) | 153 | 182 | 18.95 |
| GNPA % | 6.80 | 4.72 | (208) bps |
| NNPA% | 1.95 | 1.59 | (36) bps |
| CD Ratio | 70.32 | 72.76 | 244 bps |
| CET- 1 (%) | 14.46 | 14.80 | 34 bps |
| CRAR (%) | 17.19 | 17.30 | 11 bps |