Punjab & Sind Bank declares Financial Results of the Bank for Quarter / Year Ended 31.03.2016

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2000px-Punjab_&_Sind_Bank.svgNewZNew (Chandigarh) : 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 perating 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.