Punjab & Sind Bank announces Financial Results for the Quarter and Half Year ended Sept 30

Jammu Tawi: Punjab & Sind Bank has announced its financial results for the quarter and half-year ended 30 September 2024, showcasing solid growth across key metrics.

The bank reported a Net Profit of ₹240 crore for Q2FY25, marking a 26.

98% increase, from ₹189 crore in Q2FY24.

Total Income rose by 15.

86% YoY to ₹3,098 crore, up from ₹2,674 crore a year ago.

Operating Profit surged 76.

15% YoY to ₹458 crore, compared to ₹260 crore in Q2FY24.

Net Interest Income (NII) grew by 29.

33% YoY to ₹873 crore, versus ₹675 crore in the previous year, while the Net Interest Margin (NIM) increased by 38 bps to 2.

71%, up from 2.

33% in Q2FY24.

The bank's Core Fee Income increased by 35.

88% YoY to ₹178 crore from ₹131 crore in the same period last year.

In terms of growth, Total Business grew by 8.

40% YoY to ₹2,15,057 crore, up from ₹1,98,387 crore a year ago.

Total Deposits increased by 6.

48% YoY to ₹1,24,025 crore (vs ₹1,16,481 in Q2FY24), with Retail Term Deposits registering an 8.

94% YoY growth to ₹52,239 crore (vs ₹47,951 in Q2FY24).

Total Advances rose by 11.

14% YoY to ₹91,032 crore (vs ₹81,906 crore in Q2FY24), driven by a 18.

09% YoY growth in RAM Advances, which increased to ₹49,033 crore in Q2FY25, up from ₹41,520 crore in Q2FY24.

RAM Advances (%) to Gross Advances improved by 317 bps to 53.

86% in Q2FY25 (from 50.

69% in Q2FY24).

Operational improvements were evident with the Cost-to-Income ratio reducing by 958 bps to 62.

82% in Q2FY25 vs 72.

40 in Q2FY24.

The Return on Assets (ROA) improved by 13 bps to 0.

65, compared to 0.

52% in Q2FY24.

Asset quality also strengthened during the quarter under review compared to the same period last year.

GNPA decreased by 202 bps YoY to 4.

21% from 6.

23% and NNPA fell by 42 bps YoY to 1.

46% from 1.

88%.

The Yield on Advances improved to 8.

75% from 8.

62% YoY, and the Yield on Investment rose to 7.

06% from 6.

76%.

The Provision Coverage Ratio (PCR) improved by 48 bps quarter-on-quarter.

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