BackPunjab & Sind Bank reports 32% growth in Q4 PAT to ₹457 cr as provision losses narrow; declares dividend
Punjab & Sind Bank reported double-digit growth in Q4 PAT to ₹457 crore, alongside sharp narrowing in provision losses. However, net interest income (NII) declined in the quarter.
PremiumPunjab & Sind Bank showed a mixed performance in the fourth quarter of FY23. The lender posted double-digit growth of 32.03% YoY and 22.43% QoQ in net profit to ₹456.99 crore in Q4FY23. On the contrary, the bank's net interest income (NII) dipped by 1.97% YoY and sharply by 15.05% QoQ to ₹683.78 crore in the quarter.
The growth in net profit was alongside narrowing in provision losses.
In Q4FY23, the bank's provision and contingencies loss narrowed steeply to ₹57.12 crore as against ₹131.56 crore in Q4FY22 and ₹207.46 crore in Q3FY23.
Gross non-performing assets (GNPA) came in at 6.97% in Q4FY23 as against 12.17% in Q4FY22 and 8.36% in Q3FY23. Net NPA stood at 1.84% in the quarter under review, compared to 2.74% in Q4FY22 and 2.02% in Q3FY23.
In its financial report, Punjab & Sind Bank revealed that it surpasses the targets in Priority Sector Advance which stands at 54.99% and Agriculture Advance at 20.67% of ANBC, as on March 2023, against the regulatory target of 40% and 18% respectively.
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Also, the bank's credit to small and marginal farmers stands at 11.06% of ANBC, against the regulatory target of 9.50%. While credit to weaker sections stood at 12.68% of ANBC, against the regulatory target of 11.50%.
Additionally, credit to micro enterprises stands at 14.31 % of ANBC as of March 31, 2023, against the regulatory target of 7.50%.
Further, as of March 2023, the bank has 19.30 lakh PMJDY accounts with a balance of deposits of ₹558 crore.
As of March 31, 2023, the bank has 1537 branches, out of which 572 are Rural, 281 Semi-Urban, 362 Urban, and 322 Metro along with 835 ATMs, and 357 Business Correspondents.
Recently, the lender opened 25 new branches in PAN India --- taking the total number of branches to 1553 as of date.
In a meeting held on Tuesday, the bank's board members recommended a dividend of ₹0.48 per share or 4.80% having a face value of ₹10 each to shareholders.
On BSE, UCO Bank's share price closed at ₹37.35 apiece up by 3.84%.
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