Punjab & Sind Bank declared its annual results for the financial year 2020-21, Bank registered a Net Profit of Rs.161 crore for the quarter ended March 2021

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S Krishnan, Managing Director & CEO, Punjab & Sind Bank

Mumbai, May 22, 2021 (GNI): Punjab & Sind Bank declared its annual results for the financial year 2020-21. While declaring the results, S Krishnan, MD & CEO informed that in spite of the global challenges posed by pandemic, the Bank showed a resilient and satisfactory performance. After posting net loss consecutively for eight quarters, the Bank registered a Net Profit of Rs.161 crore for the quarter ended March 2021.

Total Business of the Bank increased by Rs.11687 Cr registering a growth of 7.68%. Total Advances of the Bank grew by 8.39%. During the year, the Bank focused on Retail, Agriculture and MSME Advances (RAM segment) which grew by 12.25%, 15.52% and 7.17%, respectively. Retail Deposit of the Bank grew by 18.50% to Rs.44284 crore as on 31.3.2021 from Rs.37369 crore as on 31.3.2020. CASA also registered growth by 18.90% (YoY) to Rs.31530 crore from Rs.26518 crore as on 31.3.2020

S Krishnan, MD & CEO informed that the Bank having pan India presence with 1531 branches and 1097 ATMs, has shown remarkable performance in bringing down the Net NPAs during 2020-21 which has registered a steep decline to 4.04% from 8.03% as on 31.3.2020. Gross NPA of the Bank also registered a decline by 42 bps from 14.18% as on 31.3.20 to 13.76% as on 31.3.21. Bank improved its Provision Coverage Ratio (PCR) to 82.89% as compared to 66.74% as on 31.03.2020.

Capital adequacy (CRAR) increased from 12.76% in March 2020 to 17.06% in March 2021 with CET-1 at 12.05% in March 2021. Bank registered an operating profit of Rs.771 crore in FY 2020-21.

During 2020-21, as against regulatory target of 40% of ANBC for Priority Sector credit, the Bank achieved 43.95%. Similarly for Small and Marginal Farmers and for Micro Enterprises, the Bank achieved 11.10% and 7.82% as against regulatory targets of 8% and 7.50%, respectively.

The Bank has been conferred with an award by IBA under the category of Best Digital Financial Inclusion Initiatives.

S Krishnan, MD & CEO further informed that for the current year 2021-22, the Bank has planned for organizational restructuring, strengthening the Risk Management and IT infrastructure, taking further initiatives for enhancing the employee engagement and also boosting the RAM segment credit through various new initiatives including MSME co-lending and Direct Selling Agents (DSA). He informed that the Bank is fully oriented, committed and dedicated to serve its customers, society and nation in the best possible way. In the present challenging time of COVID, each PSBian is serving with full dedication, without any hesitation or fear and providing uninterrupted services.ends