Punjab & Sind Bank posted a mixed performance in Q4FY23. The lender reports double digit growth in net profit at 32.03% YoY and 22.43% QoQ 456.99 crore in Q4FY23. In contrast, the bank’s net interest income (NII) declined by 1.97% YoY and a sharp 15.05% QoQ. 683.78 crore in the quarter.
The increase in net profit was accompanied by a decrease in provisioning losses.
In Q4FY23, the bank’s provisioning and contingency loss fell sharply 57.12 crore as against 131.56 crore in Q4FY22 and 207.46 cr in Q3FY23.
Gross non-performing assets (GNPA) stood at 6.97% in Q4FY23, as against 12.17% in Q4FY22 and 8.36% in Q3FY23. Net NPA stood at 1.84% for the quarter under review, as against 2.74% in Q4FY22 and 2.02% in Q3FY23.
In its financial report, Punjab and Sind Bank disclosed that it has exceeded the target in priority sector advances at 54.99% of ANBC and 20.67% of agriculture advances by March 2023, against the regulatory target of 40% and 18% respectively. Competition.
Also, the bank’s credit to small and marginal farmers is 11.06% of ANBC, against the regulatory target of 9.50%. While loans to weaker sections stood at 12.68% of ANBC as against the regulatory target of 11.50%.
Additionally, credit to micro enterprises stands at 14.31% of ANBC as against the regulatory target of 7.50% by March 31, 2023.
Further, as on March 2023, the bank has 19.30 lakh PMJDY accounts with balance deposits 558 crores.
As on March 31, 2023, the bank has 1537 branches, 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 pan India—taking the total number of branches to 1553 till date.
In the meeting held on Tuesday, the members of the board of directors of the bank recommended a dividend of Rs. 0.48 per share or 4.80% of the face value 10 each to the shareholders.
UCO Bank share price closed on BSE 37.35 each, up 3.84%.
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