Punjab & Sind Bank declares Financial Results for Quarter ended 30.06.2016
Punjab & Sind Bank declares Financial Results
for Quarter ended 30.06.2016
Shri Jatinderbir Singh, IAS, CMD, Punjab & Sind Bank today announced the financial results for the Quarter ended 30.06.2016. The Bank has earned an Operating Profit of Rs.329.46 crore registering a growth of 20.20% (YoY). Net Profit of the Bank increased to Rs.53.35 crore registering a growth of 23.61% (YoY).
In comparison to corresponding period last fiscal, Total Business of the Bank increased to Rs.1,53,586 crore, registering a growth of 2.80% (YoY), Deposits increased to Rs.90,452 crore and Gross Advances stood at Rs.63,134 crore. NIM improved to 2.25 % from 2.10% and Net Interest Income (NII) increased to Rs.561.13 crore from Rs.517.04 crore. Cost of Deposit reduced from 7.79% to 7.06% . Net Worth of the Bank improved to Rs.5121.43 crore from Rs 4854.74 crore during the same period.
Gross NPAs of the Bank stood at Rs.4565.74 crore (7.23%) as on 30.06.2016 and Net NPAs stood at Rs.3078.41 crore (5.00%)as on 30.06.2016.
Shri Jatinderbir Singh, CMD, of the Bank stated that the Financial results of the Bank demonstrate growth in operational efficiency as reflected in increase in Operating Profit. The two fold operational strategy i.e. reducing cost of deposit and cost cutting on operations have resulted in enhancing productivity and profitability in the bank.