Punjab & Sind Bank jumps on recording 17% growth in gross advances during Q3FY23

Today, the stock opened at Rs 33.35 and touched a high and low of Rs 33.75 and Rs 32.35, respectively.

At 3 pm on Wednesday, shares of Punjab & Sind Bank were trading at Rs 33, up by 0.65 points or 2.01% from its previous closing of Rs 32.35 on the BSE.

As per the exchange filing, Punjab & Sind Bank’s total deposits grew by 9.11% YoY to Rs 109497 crore (provisional) in Q3FY23, compared to Rs 100351 crore in Q3FY22, however, on a QoQ basis declined by 4.65% from Rs 105238 crore.

Gross advances stood at Rs 78049 crore (provisional) in Q3FY23, posting a YoY growth of 17% against Rs 66710 crore in Q3FY22 while on a QoQ basis, grew by 5.84% and from Rs 73739 crore.

CASA deposits stood at Rs 36460 crore (Provisional) in Q3FY23, increasing by 11.33% on a YoY basis compared to Rs 32749 crore in Q3FY22. Its total business stood at Rs 187546 crore (Provisional) with a YoY growth of 12.26% compared to Rs 167061 crore from the previous year’s same quarter.

Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.

The promoters holding in the company stood at 98.25%, while Institutions and Non-Institutions held 0.67% and 1.08%, respectively. 

The BSE group 'B' stock of face value of Rs 10 has a 52-week high and low of Rs 44.65 and Rs 12.50, respectively. Last one week high and low of the scrip stood at Rs 34.30 and Rs 31.85, respectively and the current market cap of the company is Rs 22298.92 crore.