Thursday 13th February 2025

“Punjab & Sind Bank Achieves Record Growth, Strengthens Digital & Business Expansion”

Feb 2nd, 2025 12:36 pm | By | Category: LATEST NEWS


(THE NEWSMAN OF INDIA.COM) Punjab & Sind Bank (PSB) has delivered an impressive financial performance for the quarter and nine months ended December 31, 2024, showcasing a remarkable growth trajectory and a series of strategic developments aimed at enhancing its digital capabilities and customer service offerings. The bank’s performance reflects its ongoing efforts to strengthen its market position, build resilience in its business model, and leverage new opportunities in a dynamic banking environment.

Record Growth in Net Profit and Operating Profit

In Q3 FY25, Punjab & Sind Bank reported a spectacular 147% year-on-year (YOY) growth in net profit, which surged to Rs. 282 crores. This outstanding performance was driven by a combination of efficient operations, cost management, and a healthy increase in key income streams. The bank’s operating profit for the quarter also grew by 74.73% YOY, reaching Rs. 484 crores, further underscoring its operational efficiency and strong financial health.

Improved Financial Metrics

The bank’s key financial metrics exhibited consistent growth, signaling an overall improvement in profitability and asset management. The Net Interest Margin (NIM) increased by 24 basis points (bps) to 2.78% YOY, indicating the bank’s effective management of interest income and expenses. Additionally, the Yield on Advances rose by 23 bps to 9.14%, reflecting strong performance in its lending portfolio.

Return on Assets (RoA) also demonstrated a solid improvement, increasing by 42 bps YOY, which is a clear indication of the bank’s ability to generate superior returns from its assets.

Impressive Growth in Business and Advances

Punjab & Sind Bank’s total business registered a robust growth of 10.58% YOY, reaching Rs. 2,23,267 crores. The bank’s advances grew by an impressive 14.73% YOY, reflecting strong demand for credit across various sectors. Notably, the bank’s RAM (Retail, Agriculture, and MSME) advances experienced a significant jump, increasing by 20.85% YOY, highlighting the bank’s continued focus on these key growth areas.

Retail advances, in particular, showed a remarkable growth of 35.12% YOY, further strengthening the bank’s position in the retail banking segment. RAM advances to gross advances improved by 274 bps, rising from 51.46% to 54.20%, further reinforcing the bank’s strategic shift towards higher-yielding segments.

Strong Growth in Deposits

On the liability side, Punjab & Sind Bank’s total deposits grew by 7.64% YOY, demonstrating solid customer confidence and the bank’s ability to attract and retain depositors. Retail term deposits, a crucial segment for the bank, saw a notable increase of 10.66% YOY, indicating a growing preference for secure investment options among customers.

Strategic Developments and Digital Initiatives

In line with its vision to enhance digital banking capabilities and cater to the evolving needs of customers, Punjab & Sind Bank launched a Digital Journey for its Home Loan and Car Loan segments. This initiative provides customers with a seamless experience through multiple digital touchpoints, including QR codes, missed calls, and the bank’s website, making loan processing more efficient and accessible.

Further strengthening its digital strategy, the bank partnered with National e-Governance Service Ltd (NeSL) to introduce the e-Bank Guarantee (e-BG) platform, which will allow customers to avail of a fully digital, paperless guarantee service, streamlining the process for businesses and reducing operational costs.

Additionally, the bank signed a Memorandum of Understanding (MOU) with the Assam Rifles and Indian Navy to offer best-in-class salary packages to serving personnel and pensioners, reinforcing its commitment to providing tailored solutions to the armed forces community.


Looking Ahead: A Strong Future

Under the leadership of Swarup Kumar Saha, the Managing Director and CEO of Punjab & Sind Bank, the bank is poised for continued growth in the coming quarters. With its strong financial performance, focus on digital transformation, and strategic partnerships, Punjab & Sind Bank is positioning itself as a key player in the Indian banking landscape, committed to delivering value to its customers, shareholders, and stakeholders alike.

As the bank moves forward, it is expected to continue leveraging its robust business model, technology-driven innovations, and commitment to customer service to build on its success and enhance its competitive edge in the banking sector.



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