Home / Companies / Company Results /  Punjab and Sind Bank posts 23% jump in net profit, NII climbs by 6.20% YoY in Q3

The public sector lender Punjab and Sind Bank (PSB) has declared its Q3FY23 results today. The bank has posted a net profit of Rs.373 Cr in Q3FY23 against a net profit of Rs.301 Cr for Q3FY22, a growth of 23.92% YoY whereas its operating profit surged by 8.18% (Q-o-Q) and 3.61% (Y-o-Y).

The lender said that in Q3FY23, its Gross Non-Performing Assets (GNPA) ratio decreased by 608 basis points (bps) YoY to 8.36% and its Net Non-Performing Assets (NNPA) ratio decreased by 99 bps YoY to 2.02%. According to Punjab and Sind Bank, Return on Assets (RoA) increases to 1.11%, a growth of 13 bps (Y-o-Y) in Q3FY23, and Capital Adequacy ratio (CRAR) is at 15.57% with a Common Equity Tier 1 (CET-1) ratio of 12.79% at the end of December 2022.

The bank said that in Q3FY23, its Yield on Advances grew by 42 bps (Y-o-Y) to 8.11%, while Net Interest Income (NII) grew by 6.20% on a YoY basis in Q3FY23. Punjab and Sind Bank (PSB) said that its CASA Deposit climbed by 11.33% YoY and that its percentage of the total deposit climbed to 33.30%, a growth of 67 basis points in Q3FY23. The lender said that Retail Advances climbed by 32.31% to Rs. 14739 Cr. and RAM (Retail, Agriculture & MSME) Advances surged by 19.07% (Y-o-Y) in the quarter ended December 2022.

According to the bank, agricultural advances grew by 9.63% to Rs.11288 Cr. and MSME advances climbed by 14.92% to Rs.13929 Cr. According to the lender, the Credit-Deposit (CD) ratio increased by 452 bps (Y-o-Y) in Q3FY23 to reach 71.00%.

The bank said that in the third quarter of FY2023, its total business increased by 12.08% YoY to Rs. 187242 Cr and its total deposit increased by 9.11% to Rs. 109497 Cr. Gross Advances increased 16.54% to Rs. 77745 Cr in Q3FY23 from Rs. 66710 Cr in the same quarter the previous year.

According to the bank, as of December 2022, it had 18.42 lakh PMJDY accounts and CASA deposits totalling Rs. 539 crore. As of Q3FY23, the bank had 1528 branches, of which 572 were rural, 278 semi-urban, 356 urban, and 322 metro, as well as 803 ATMs and 357 BCs.


Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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