Business Daily from THE HINDU group of publications
Saturday, Jun 02, 2007
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Business Daily from THE HINDU group of publications Saturday, Jun 02, 2007 ePaper |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Punjab & Sind net profit zooms 102% Our Bureau
New Delhi June 1 Punjab & Sind Bank saw a sharp rise in profitability and a steep decline in its non-performing assets (NPAs) for 2006-07. The bank's net profit more than doubled in 2006-07 to Rs 218.53 crore from Rs 108.32 crore (102 per cent) in the previous year. Its gross profit went up by 76.55 per cent to Rs 472.44 crore (Rs 267.60 crore). The return on assets stood at 1.01 per cent, a statement issued by the bank said. The unprecedented cash recovery has enabled the bank to bring down its gross NPAs for 2006-07 to 2.43 per cent from 9.61 per cent and net NPAs to 0.66 per cent from 2.43 per cent, it added.
Restructuring
According to the statement, the bank has applied to the Government for restructuring of its capital and permission is expected soon. Further, the bank will decide at an appropriate time to come out with an IPO to further strengthen its capital base. The total business as on March 2007 has reached Rs 31,267 crore, it said. Deposits have gone up by 14.15 per cent and net advances have increased by 28.88 per cent during the year. The business per employee as on March 2007 has gone up to Rs 3.29 crore (Rs 2.77 crore), thereby further improving the productivity levels of the employees. The priority sector lending is at 42.40 per cent of the net bank credit. The overall yield on advances has gone up to 9.34 per cent (8.84 per cent) whereas the cost of deposits is still very low at 4.94 per cent. The capital adequacy is at 12.88 per cent.
More Stories on : Financial Performance | Public Sector Banks
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