Credit rating agency, CARE has reaffirmed AA+ rating to Rs 300 crore Lower Tier II Bonds of Punjab and Sind Bank.
The rating factors in the improvement in the capital adequacy post its Initial Public Offering (IPO) in December 2010, growth in business and profits, stable margins and comfortable asset quality parameters.
Punjab & Sind Bank was established at Amritsar, Punjab in 1908 and nationalized in 1980. Post the IPO in December 2010, GoI stake got reduced from 100% to 82% in the bank. In FY11, Total assets of the Bank grew 21% to Rs 68,550 crore.
