Punjab & Sind Bank doubled its internet revenue for the quarter ended March 31, 2022, to Rs 346 crore. The lender had internet revenue of Rs 161 crore within the year-ago interval. Its revenue earlier than provisions too rose 72% on 12 months to Rs 317 crore in the course of the quarter.
The lender’s internet curiosity margin (NIM), nevertheless, declined by 27 foundation factors sequentially to 2.90% in Q4FY22. On a year-on-year foundation, NIM improved by 71 foundation factors.
The financial institution reported a close to 4% on 12 months improve in gross advances to Rs 70,387 crore in Q4FY22 from Rs 67,811 crore within the year-ago interval. Advances within the retail, agriculture and MSME sector grew 10.5% on 12 months.
Retail loans grew 15.3% on 12 months to Rs 11,737 crore whereas MSME advances grew 13.3 % to Rs 13,021 crore. Loans to company fell 2.3% on 12 months to Rs 34,695 crore in March 2022 quarter. Corporate loans include 49.29% of the full gross advances. The financial institution’s precedence sector advance and agriculture advance stood at Rs 31,178 crore and Rs 12,551 crore, respectively.
“…The bank continued its special focus on retail business as a result of which RAM (retail, agriculture and MSME) composition has improved from 48% to 51% while corporate advance has declined from 52% to 49% on Y-o-Y basis…the bank has also surpassed the regulatory targets of 40% and 18% in priority sector and agriculture credit, respectively,” S Krishnan, MD & CEO of the Punjab & Sind Bank, stated.
On asset high quality entrance, gross NPA ratio declined by 227 foundation factors sequentially to 12.17% in Q4FY22 from 14.44% Q3FY22 and 159 foundation factors on 12 months from 13.76% in Q4FY21. Net NPA ratio, too, fell to 2.74% in Q4FY22, down from 3.01% in Q3FY22. The financial institution’s provision protection ratio (PCR) stood at 87.89% in March 2022 towards 82.89% as in March 2021.