August 18, 2023, New Delhi
Punjab & Sind Bank, a Public Sector Bank, has received a revision of Rating from AA “Negative” to AA “Stable” from CRISIL Ratings in respect of the Basel III compliant Tier II Bonds of the Bank.
While revising the Ratings, CRISIL Ratings factored in:
- Sustained improvement in earnings, asset quality and strengthening of capital position which is likely to be maintained over the medium term.
- Asset Quality has improved with Gross NPAs at 6.80% as on June 30, 2023, compared with 6.97% as on March 31, 2023 and 12.17% as on March 31, 2022.
- The capital position has improved, supported by timely capital infusion and internal accrual, leading to Tier 1 and overall capital adequacy ratio (CARs) improving to 14.5% and 17.2%, respectively, as on June 30, 2023, from 13.1% and 16.8%, a year earlier.
