Punjab & Sind Bank back in black on higher other income, lower provisions

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While the advances of the lender grew 10% y-o-y to Rs 67,933 crore, deposits grew 16% y-o-y to Rs 98,478 crore. Current accounts and savings relationship (CASA) deposits grew by 14.29% y-o-y to Rs 30,832 crore.

Provision sum ratio (PCR) strengthened further astatine 84.22%, compared to 69.2% successful June 2020. The slope was capable to chopped down the outgo to income ratio to 55.73% successful the June quarter, compared to 67.33% successful Q1FY21. (File image)

Public assemblage lender Punjab & Sind Bank connected Thursday reported a nett net of Rs 174 crore for the 4th ended June 2021 (Q1FY22). It had incuured a nonaccomplishment of Rs 117 crore successful Q1FY21. The lender was backmost successful achromatic owed to a surge successful different income and reduced provisioning. Total provisions were down 31% year-on-year (y-o-y) to Rs 237 crore, compared to Rs 343 crore successful the corresponding 4th past twelvemonth (Q1FY21). Other income of the lender grew 127% y-o-y to Rs 349 crore.

S Krishnan, MD and CEO of the bank, said that lender has shown robust and resilient show successful astir each the concern parameters, contempt the pandemic. He added that slope continued its peculiar absorption connected NPA betterment and, thus, recovered Rs 858 crore including betterment of Rs 124 crore successful technically written-off (TWO) accounts.

The plus prime of the lender improved during the June quarter. The gross non-performing assets (NPAs) ratio of the lender improved 43 ground points (bps) to 13.33%, compared to gross NPAs of 13.76% successful the erstwhile quarter. Similarly, nett NPAs ratio besides improved 43 bps to 3.61% from 4.04% successful the March quarter.

While the advances of the lender grew 10% y-o-y to Rs 67,933 crore, deposits grew 16% y-o-y to Rs 98,478 crore. Current accounts and savings relationship (CASA) deposits grew by 14.29% y-o-y to Rs 30,832 crore.

The superior adequacy ratio of the lender remained astatine 17.62% astatine the extremity of June quarter, compared to regulatory request of 10.875%.

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