Punjab & Sind Bank is eyeing to clock a net profit of around Rs 1,100 crore in the current financial year (FY23) on the back of resolution of bad loans. The bank has given a NPA recovery guidance of Rs 2,000 crore for the ongoing fiscal.
During the first half of the fiscal, the bank earned a profit of Rs 483 crore as against Rs 392 crore in the same period a year ago. The bank had gone through rough patches but it was able to make a historic turnaround and recorded an annual profit of Rs 1,039 crore in FY22 -- the highest in the 114-year history of the lender.
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.
