Punjab and Sind bank back in the black after eight quarters:

Punjab And sind bank logo building

Punjab And sind bank logo building

The fourth quarter of FY2021 turned profitable for the state-run Punjab and Sind bank after eight quarters of losses. The bank made a Profit After Tax of Rs. 161 crore.

“The profitability is due to our focussed monitoring and also on account of recoveries. Though it has been challenging times, we were able to make a reasonable amount of recoveries. We were also able to arrest slippages to a great extent. This has helped in bringing down the credit costs, which enabled us to register profit,” the bank’s Managing Director and CEO S Krishnan told reporters.

The bank, however, had registered a net loss of Rs 236.3 crore in the last year.

Its loss expanded to Rs 2,732.9 crore as against Rs 990.8 crore in FY’20.

“We have created a dedicated department at head office which will be monitoring the accounts that are under stress very closely. We have formed a task force at zonal offices which will be in touch with customers directly. That way, we will be able to ensure that we are able to arrest the slippages,” he noted.

The bank had set up a separate recovery vertical and a stressed asset management vertical.

The bank focused on retail, agriculture, and MSME advances (RAM segment), which went up by 12.25 %, 15.52%, and 7.17%, respectively.

Source: FE

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