Punjab & Sind Bank declares Financial Results of the Bank for Quarter / Year Ended 31.03.2016.
Punjab & Sind Bank declares Financial Results of the Bank
for Quarter / Year Ended 31.03.2016
Punjab & Sind Bank has registered impressive growth in Net Profit by 177
%;Operating Profit by 64%; Net Interest Income has increased by 30% and Net Interest
Margin has improved by 42 basis points.
Shri Jatinderbir Singh, IAS, CMD, Punjab & Sind Bank today announced the financial
results for the Quarter/ Year ended 31.03.2016. In comparison to last fiscal the Bank has
earned an Operating Profit of Rs.1269.89 crore against Rs. 775.44 crore for the period
ended 31.03.2016, registering a growth of 64% (YoY). Net Profit of the Bank increased to
Rs.335.97 crore from Rs. 121.35 crore, registering a growth of 177% (YoY).
On year-on-year (YoY) basis, total business of the Bank increased to Rs.156527
crore, from Rs. 151511 crore,Deposits increased to Rs. 91250 crore from Rs. 86715 crore
and Gross Advances increased to Rs. 65277 crore. NIM improved to 2.22% from 1.80 %, Net
Interest Income increased to Rs.2176 crore from Rs. 1679 crore recording a growth of
29.57%. Cost of Deposit improved to 7.47 % from 8.21%. Return on Assets improved to
0.34% from 0.13%.
Gross NPAs of the Bank stood at Rs.4229 crore (6.48%) as on 31.03.2016 and Net
NPAs stood at Rs. 2949 crore ( 4.62%) as on 31.03.2016 . Net Worth of the Bank improved
to Rs. 5068 crore from Rs.4,812 crore during the same period. Business Per Employee has
improved and gone upto Rs.16.20 crore from Rs.15.95 crore (YoY).
Shri Jatinderbir Singh, CMD, of the Bank expressed satisfaction that the Bank is
scaling new heights with remarkable performance and expressed optimism that the
momentum for operational efficiency will be the hallmark in the years ahead.
Deputy General Manager