Mumbai: Punjab & Sind Bank has announced its financial results for the Quarter and Nine Months ended 31st Dec 2024, showcasing solid growth across key metrics.
The Bank’s Net Profit demonstrated an outstanding growth of 147% (YoY) in Q3FY25, reaching to ₹282 crores. Operating Profit for Q3FY25 grew by 74.73% (YoY) to ₹484 crores. Net Interest Margin up by 24 bps to 2.78% (YoY). Yield on Advances up by 23 bps to 9.14% (YoY). Return on Assets (%) increased by 42 basis points (YoY).
Total Business registered a growth of 10.58% (YoY) and stood at Rs. 2,23,267 Cr. Total advances grew by 14.73% (YoY). RAM Advances (%) to Gross Advances increased by 274 bps from 51.46% to 54.20%. Total Deposit grew by 7.64% (YoY). Retail Term Deposits registered a growth of 10.66% (YoY). RAM advances registered a healthy growth of 20.85% (YoY). Retail Advances registered a significant growth of 35.12 % (YoY).
Major Developments in Q3 FY25 for the Bank included the launch of Digital Journey for Home Loan & Car Loan Segment offering Seamless Digital Journey through QR Code, Missed Call or Website. The Bank also launched e-Bank Guarantee (e-BG) in partnership with National e-Governance Service Ltd (NeSL) and has also signed a MoU with the Assam Riffles and Indian Navy to offer best-in-class salary package for serving personnel and pensioners.