Page 3 - Punjab & Sind Bank

Stock price of these two PSU banks have zoomed around 150% in last 22 days

In past one month, the stock price of UCO Bank zoomed 151%, while of Punjab & Sind Bank by 147%, as compared to 23% rise in the Nifty PSU Bank index and less than 1% gain in Nifty 50.

Nifty Bank index eyes 45,000-mark; BoB, Axis, YES Bank can rally up to 33%

So far in 2022, the Nifty Bank Index has soared 24 per cent, far outperforming the benchmark indices, the BSE Sensex and Nifty 50, which have gained close to 8 per cent each.

Stock of this PSU bank has nearly doubled in just nine trading sessions

Punjab & Sind Bank trading higher for the fourth straight day, surging 42 per cent during the period, and quoted at its highest level since February 2018.

PSB index soars 3%; these three constituents have zoomed over 50% in 1 mth

In the past one month, the Nifty PSU Bank index has rallied 17.4 per cent as against a 2.1 per cent gain in the S&P BSE Sensex

Punjab & Sind Bank aims at CASA ratio of 35% by March: MD Swarup Saha

Punjab & Sind Bank managing director Swarup Kumar Saha has said that the lender is targeting a Current Account Savings Account (CASA) ratio of 35 per cent by the end of the ongoing fiscal and the bank has undertaken various efforts to achieve the goal. CASA ratio, the low cost deposit base, of the state-owned bank stood at 33.36 per cent (Rs 35,102 crore) at the end of September, 2022. Higher CASA ratio pushes profitability of banks as banks can earn higher spreads. "We are looking at CASA ratio of 35 per cent...second half is good for our bank, which is north based, as a lot of savings from agriculture income is routed to these accounts post harvest," he told PTI in an interview. Besides, he said, the bank is focussing on mobilising salary accounts and salary deposit to augment low cost deposit base. As part of this endeavour, he said, the bank has recently tied up with Chandigarh Municipal Corporation to open salary accounts of their 10,000 employees. Similarly, he said, the ...

'Our gross NPAs may fall below 8% this FY if there's NARCL resolution'

'After coming out of four years of losses, we want to grow qualitatively'

Punjab & Sind Bank eyes Rs 1,100 crore profit amid bad loans resolution

State-owned Punjab & Sind Bank expects to clock a net profit of around Rs 1,100 crore in the current financial year on the back of resolution of bad loans. The bank has given a NPA recovery guidance of Rs 2,000 crore for the ongoing fiscal, Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI in an interaction. Out of this, Rs 700 crore has already been realised, he said, adding some big resolutions like Sintex Industries and Meenakshi Energy are going to happen in the coming quarter. Besides, he said, resolution of some IL&FS group accounts is expected during the current fiscal. Helped by strong recoveries, he said, "we are looking at profitability of Rs 1,100-1,200 crore in FY'23." During the first half of the fiscal, the bank earned a profit of Rs 483 crore as against Rs 392 crore in the same period a year ago. The bank had gone through rough patches but it was able to make a historic turnaround and recorded an annual profit of Rs 1,039 crore in FY22 -- the ..

Punjab & Sind Bank to take call on Rs 300 cr QIP in fourth quarter: MD Saha

State-owned Punjab & Sind Bank would take a call on raising equity capital through qualified institutional placement (QIP) after taking into account third quarter numbers and pace of loan growth, the bank's managing director Swarup Kumar Saha said. As far as capital adequacy is concerned, the bank is well-capitalised at 15.68 per cent and it can easily take care of business growth this year, he told PTI in an interaction. However, he said, "There is a need to build some buffer on the equity side. So, we would plan a small amount of capital mobilisation either through equity or bonds, say Rs 250 crore or Rs 300 crore. "We will watch our third quarter performance and momentum of credit demand and based on that make a decision with regard to QIP or other means." The bank has redeemed Additional Tier 1 (AT1) bonds, he said, adding, now the bank would try other means including QIP, which is cost effective. The government of India's holding in the bank stood at 98.25 per cent at the end

Punjab & Sind Bank Q2 profit up 27% to Rs 278 cr on reduction in bad loans

Public sector lender Punjab & Sind Bank on Saturday said its net profit rose 27 per cent to Rs 278 crore in the second quarter of FY23 on the back of reduction in bad loans. The bank had reported a profit of Rs 218 crore in the year-ago period. Total income of the bank during the July-September quarter of FY23 rose to Rs 2,120.17 crore against Rs 1,974.78 crore in the corresponding period of FY22, Punjab & Sind Bank said in a regulatory filing. The bank's gross non-performing assets (NPAs) declined to 9.67 per cent of the gross advances at the end of September 2022 from 14.54 per cent during the same period a year ago. In value terms, the gross NPAs (bad loans) of the Delhi-headquartered bank stood at Rs 7,128.45 crore by the end of Q2FY23, as against Rs 9,822.80 crore in Q2FY22. Net NPAs also came down to 2.24 per cent from 3.81 per cent in the second quarter of previous year. As a result, the bank's provisions for bad loans and contingencies declined to Rs 125 crore for the .

Krishnan Sankarasubramaniam takes over as Tamilnad Mercantile Bank MD & CEO

Tamilnad Mercantile Bank Ltd on Sunday said veteran banker Krishnan Sankarasubramaniam has taken over as its managing director and Chief Executive Officer with immediate effect. Sankarasubramaniam succeeds K V Rama Moorthy and his term would be for a period of three years, which has been approved by the Reserve Bank of India. Prior to taking up the new role, Sankarasubramaniam was serving Punjab and Sind Bank as its Managing Director and CEO, a bank statement said here. During his tenure at Punjab and Sind Bank, he played a crucial role in the bank's turnaround leading to it registering the highest ever profit in 2021-22. A post graduate in commerce from the Madurai Kamaraj University and a qualified cost accountant, Sankarasubramaniam had served Syndicate Bank as its executive director before joining Punjab and Sind Bank. As executive director at Syndicate Bank, he was overseeing almost all the portfolios of the bank particularly corporate credit, integrated treasury, risk ...

Punjab & Sind Bank's asset quality deterioration to moderate: CRISIL

Decrease in slippages and higher recoveries to help state-owned lender, says agency

Moose Wala killing: Punjab Police arrests third suspect from Haryana

The Punjab Police has arrested another person in connection with the killing of Punjabi singer Sidhu Moosewala, taking the number of people held in the case so far to three

Reserve Bank of India penalises Punjab & Sind Bank over non-compliance

The Reserve Bank on Friday said it has imposed a penalty of Rs 27.5 lakh on Punjab & Sind Bank for non-compliance with certain directions issued by it on 'external benchmark-based lending'. A statutory examination of Punjab & Sind Bank revealed non-compliance with the directions, inter-alia, to the extent the bank linked certain floating rate retail loans and floating rate loans to micro and small enterprises, extended by it after October 1, 2019, to MCLR instead of an external benchmark, RBI said. A show cause notice was issued to the bank. "After considering the bank's reply to the notice, oral submissions made in the personal hearing and examination of additional submissions made by it, RBI came to the conclusion that the charge of non-compliance ... was substantiated and warranted imposition of monetary penalty...," RBI said. The Reserve Bank of India (RBI), however, added that the penalty is based on the deficiencies in regulatory compliance and is not intended to ...

A Manimekhalai appointed as MD of Union Bank; Saha takes charge of P&S Bank

The government has appointed A Manimekhalai as managing director of Union Bank of India and Swarup Kumar Saha as head of Punjab & Sind Bank. The notifications in this regard were issued by the Department of Financial Services earlier in the day, sources said. Canara Bank executive director Manimekhalai replaced Rajkiran Rai G, who retired on May 31 after a five-year stint. With her assuming the charge, Manimekhalai becomes the first woman managing director of Union Bank of India. Manimekhalai, a Master of Business Administration degree holder from Bangalore University, joined erstwhile Vijaya Bank as Officer in 1988. Prior to being elevated as ED of Canara Bank, she was General Manager of Vijaya Bank and headed the Bangalore north region. She was instrumental in devising and implementing strategic policies, covering core areas like strategic planning, setting organisational goals, growth strategies, action plans, compliance, internal control, etc, Union Bank of India said in a ...

Appointment of managing directors at three PSBs gets govt's approval

The appointments are in line with the recommendations made by the Banks Board Bureau

No capital support from govt needed this year: Punjab & Sind Bank MD

Punjab & Sind Bank would not require further capital infusion from the government to meet growth needs during the current fiscal year, the top official of the bank said. During the previous two years, the government infused Rs 5,500 crore and Rs 4,600 crore through non-interest bearing recap bonds. With the infusion of Rs 4,600 crore, the government holding in the bank increased to 98.25 per cent as on March 31, 2022. Capital adequacy ratio of the bank improved to 18.54 per cent in March 2022 from 17.06 per cent as at March-end 2021 with the help of capital support from the government, bank's MD and CEO S Krishnan said. The bank is sufficiently capitalised to meet expected credit growth in this financial year and may not need support from the government, he said. As far as loan growth is concerned, he said, it is expected to grow at 8-10 per cent in FY23. He further said the bank has strengthened its balance sheet by making additional provisions and it has proactively made 100 per

Punjab & Sind Bank Q4 net profit more than doubles to Rs 346 crore

Punjab & Sind Bank on Thursday reported an over two-fold jump in net profit at Rs 346 crore for the quarter ended March 2022, helped by a decline in bad loans. The state-owned lender had posted a net profit of Rs 160.79 crore in the same quarter of the preceding fiscal year. Total income during the quarter increased to Rs 2,007.90 crore as against Rs 1,940.62 crore in Q4 FY21, the bank said in a statement. Gross bad loans or non performing assets (NPAs) of the bank came down to 12.17 per cent of gross advances as of March 31, 2022, from 13.76 per cent by end of March 2021. In value terms, gross NPAs declined to Rs 8,565 crore by the end of FY22 as against Rs 9,334 crore a year ago. Net NPAs almost halved to 2.74 per cent (Rs 1,742.27 crore) from 4.04 per cent (Rs 2,461.95 crore) a year ago. Bank's provisions for bad loans fell down significantly to Rs 866 crore in the quarter from Rs 1,993 crore in the year-ago period. Punjab & Sind Bank's MD and CEO S Krishnan said the bank ..

Delhi HC stops Punjab & Sind Bank from acting on SREI loan reclassification

Sources say the order will help SREI preserve the resolution process while protecting lenders and stakeholders from any value erosion on account of such unnecessary reclassification

Punjab & Sind Bank declares SREI firms' outstanding dues as fraud

Lender becomes first to classify SREI Infra Finance and SREI Equipment Finance as fraud accounts, say sources; bank says the accounts fully provided for as per prudential norms

Punjab & Sind Bank to buy 2% stake in bad bank NARCL for Rs 55 cr

Punjab & Sind Bank on Friday said it has entered into an agreement to buy 2 per cent stake in asset reconstruction company NARCL for Rs 55 crore. "Punjab & Sind Bank has entered into an agreement with National Asset Reconstruction Company on March 10, 2022 regarding investment in NARCL," the lender said in a regulatory filing. The bank said the equity investment would be done in tranches, with the first investment of Rs 28.18 crore expected to be completed by March 31, 2022. The financial investment is being done to ensure prompt resolution, including recovery of NPA (non-performing assets) accounts, the bank said. NARCL was incorporated on July 7, 2021 with a total authorised share capital of Rs 2,750 crore to act as a bad bank for speedy resolution of bad assets of the banks. In January, SBI Chairman Dinesh Khara said that 38 NPA accounts worth Rs 82,845 crore were identified to be transferred to NARCL. Transfer of these accounts will happen in a phased manner with banks ...