Punjab & Sind Bank – IFSCCodeof.in

Punjab & Sind Bank adjusts net loss for FY21 at Rs 2,750 cr after divergence in asset classification, BFSI News, ET BFSI

November 18, 2021 root Banking & Finance

[ad_1]

Read More/Less

Public sector Punjab & Sind Bank (P&SB) on Wednesday said it has adjusted the net loss for fiscal ended March 2021 slightly higher at Rs 2,750 crore due to divergence in asset classification. The bank had reported a net loss of Rs 2,733 crore in 2020-21.

Whereas the bank reported gross non-performing assets (NPAs) at Rs 9,334 crore, the Reserve Bank assessed it at Rs 9,363 crore, thus leading to a divergence of Rs 29 crore.

Similarly, the net NPAs too had a divergence of Rs 29 crore.

Based on the difference of the provisions for NPAs reported by the bank and that assessed by the RBI, the divergence in provisioning for the financial year 2020-21 stood at Rs 17 crore.

The adjusted (notional) net profit after tax (PAT) for the year ended March 31, 2021, after taking into account the divergence in provisioning stood at Rs 2,750 crore, the bank said in a regulatory filing.

The bank published the divergence in asset classification and provisioning in accordance with RBI’s Risk Assessment Report as on March 31, 2021.

P&SB stock closed at Rs 17.25 apiece on BSE, down 1.43 per cent from previous close. PTI KPM SHW SHW

[ad_2]

CLICK HERE TO APPLY

Leave a comment bank, BSE, FY21, npa, Punjab & Sind Bank, RBI, rbi s risk assessment report, reserve bank

Indiabulls Housing Finance Q2 net profit down 11% to Rs 286 cr, BFSI News, ET BFSI

November 12, 2021 root Personal Finance

[ad_1]

Read More/Less

Mumbai, Mortgage financier Indiabulls Housing Finance on Thursday reported an 11 per cent dip in its net profit at Rs 286 crore in the quarter ended September due to a decline in its loan book. The lender’s profit after tax stood at Rs 323 crore in the same quarter of the previous fiscal.

Its deputy managing director Ashwini Kumar Hooda attributed the fall in profit to a 12 per cent decrease in the loan book in the second quarter of the financial year 2021-22 compared to the year-ago period.

It disbursed retail loans of Rs 325 crore in the month of September 2021 through its co-lending tie-ups, the lender said in a release.

This will scale up to Rs 500 crore of monthly disbursals by December 2021 and Rs 800 crore of monthly disbursals by March 2022, it said.

The company is on track to disburse Rs 1,000 crore of retail loans through co-lending in the third quarter of the financial year 2021-22. It has a total of seven co-lending partners- HDFC Ltd., Central Bank of India, Yes Bank, RBL Bank, Canara Bank, Punjab &Sind Bank, and Indian Bank.

Total loans disbursed as of September 30, 2021, under the Emergency Credit Line Guarantee Scheme (ECLGS) stood at Rs 176 crore, amounting to only 0.27 per cent of the loan book.

Gross NPAs have stood to 2.69 per cent in the second quarter of the financial year 2021-22 from 2.21 per cent in the previous quarter of the year-ago period.

“Balance sheet has been strengthened by shoring up provisions on the balance sheet to Rs 3,153 crore, which is 4x times of the regulatory requirement and equivalent to a healthy 4.9 per cent of our loan book and 152 per cent of Gross NPAs,” the release said.

Stage 3 provision coverage ratio stood at 43 per cent of gross NPAs (Non-performing assets).

The lender restructured loans of Rs 96.7 core, equivalent to 0.15 per cent of its loan book, under the Reserve Bank of India’s Restructuring Frameworks 1.0 and 2.0 combined.

In H1 of the financial year 2021-22, it has raised monies of Rs 12,186 crore across instruments and tenors. The company also raised Rs 792 crore through NCDs (non convertible debentures) in September 2021.

Hooda said the lender is looking to raise around Rs 10,000 crore through bank borrowings and NCDs during the second half of the current financial year.

The company’s scrip closed at Rs 237 apiece, down 3.42 per cent on BSE. PTI HV SHW SHW

[ad_2]

CLICK HERE TO APPLY

Leave a comment ashwini kumar hooda, canara bank, indiabulls housing finance, indian bank, Punjab & Sind Bank, RBL Bank

Cabinet committee OKs seven appointments of executive directors at six PSBs, BFSI News, ET BFSI

October 21, 2021 root Banking & Finance

[ad_1]

Read More/Less

The Appointments Committee of the Cabinet (ACC) today approved seven appointments of executive directors at six public sector banks, the government said in a release accessed by ETBFSI. All appointments are likely to come into affect from the date of assumption of office.

The appointments will be effective provided that the officials are eligible for extension of the term of office, after a review of their performance by two years, or until further orders, whichever is earlier.

Rajneesh Karnatak has been appointed as the executive director of Union Bank of India for a period of three years. Karnatak is currently the chief general manager of Punjab National Bank.

Roy Joydeep Dutta has been appointed as the executive director of Bank of Baroda for three years, and is currently the chief general manager of the bank.

Nidhu Saxena has been appointed as the executive director of Union Bank of India for three years. Currently, Saxena is the general manager of UCO Bank. Saxena’s appointment can also come into force after February 1, 2022, or until further orders, whichever is earlier.

Kalyan Kumar has been appointed as the executive director of Punjab National Bank for three years. Kumar is currently the chief general manager of Union Bank of India.

Ashwani Kumar, currently the chief general manager of Punjab National Bank, has been appointed as the executive director of Indian Bank for three years.

Yadav Ramjass, currently the chief general manager of Bank of Baroda, has been appointed as the executive director of Punjab & Sind Bank. Ramjass’ appointment will be effective up to his date of attaining superannuation – April 30, 2024 – or until further orders, whichever is earlier.

Asheesh Pandey, currently the chief general manager of Union Bank of India, has been appointed as the executive director of Bank of Maharashtra for a period of three years, with effect from the date of assumption of office on or after December 31, or until further orders.

[ad_2]

CLICK HERE TO APPLY

Leave a comment Cabinet, etbfsi exclusive, indian bank, Punjab & Sind Bank, punjab national bank, ramjass, uco bank, union bank of india

CBI books firm, CMD for Rs 1.5K cr bank fraud, BFSI News, ET BFSI

September 16, 2021 root Banking & Finance

[ad_1]

Read More/Less

Shimla: The Central Bureau of Investigation (CBI) has registered a case against a Delhi-based private company, which has its industrial unit in Himachal Pradesh, and others including its promoter & CMD; director/guarantor & two corporate guarantors; unknown public servant(s)/unknown others, for allegedly conspiring with each other to defraud banks, while causing a loss of around Rs 1,528.05 crore to the consortium of 16 banks led by Bank of India.

The consortium banks were – Bank of India, Union Bank of India, Andhra Bank, Punjab & Sind Bank, Indian Overseas Bank, State Bank of Hyderabad, Central Bank of India, Corporation Bank, HDFC Bank Limited, Oriental Bank of Commerce, Saraswat Co-operative Bank, State Bank of Patiala, UCO Bank, Allahabad Bank, Standard Chartered Bank & DBS.

The case has been registered against Indian Technomach Company Limited, its promoter & CMD Rakesh Kumar Sharma, director/guarantor Vinay Kumar Sharma, Gurupath Merchandise Limited (corporate guarantor), Kolkata, and Thunder Traders Limited (Corporate Guarantor), Kolkata, and unknown public servants/others.

CBI officials said searches were conducted on Wednesday at various premises, including at Kangra and Paonta Sahib in Sirmaur district, Himachal Pradesh.

It was alleged that the private company, engaged in manufacturing of ferrous and non-ferrous metal, obtained credit facilities/loans from the consortium of 16 nationalised/private banks from 2008 to 2013 with Bank of India as lead bank.

The accused had allegedly conspired with an intention to defraud the banks through said acts and diverted funds from the loan account, thus causing a loss of Rs 1528.05 crore to the said consortium of the banks.

The account was classified as NPA in the books of accounts of Bank of India with effect from March 31, 2014 due to overdue status of the account in line with IRAC guidelines. The account was red-flagged by Bank of India, as advised by RBI in May 2015 and was declared a fraud in February 2016.

[ad_2]

CLICK HERE TO APPLY

Leave a comment bank fraud, bank of india, npa, Punjab & Sind Bank, saraswat co-operative, state bank of hyderabad, uco bank, union bank of india

Co-lending: Punjab & Sind Bank ties up with Indiabulls

September 14, 2021 root Banking & Finance

[ad_1]

Read More/Less

Punjab & Sind Bank (PSB), a public sector bank, has entered into a strategic co-lending alliance with Indiabulls Commercial Credit and Indiabulls Housing Finance (IHFL) for MSME and Priority Sector Housing Loans respectively.

Commenting on the partnership, S Krishnan, MD & CEO of PSB said that the co-lending model will improve the flow of credit to the unserved and underserved sector of the economy and make available funds to the ultimate beneficiary at an affordable cost, considering the lower cost of funds from banks and greater reach of the NBFCs/ HFLs.

He also said that the co-lending model would help the bank enhance its Retail and MSME portfolio and boost lending to MSME sector, which will aid the growth of the economy and employment generation.

Kollegal V Raghvendra, Executive Director said that the model is one of the innovative avenues of lending to the priority sector. The partnership would make available cheaper loans to the borrowers as compared to standalone loans given by NBFCs.

[ad_2]

CLICK HERE TO APPLY

Leave a comment Alliance, co-lending, economy, indiabulls, Punjab & Sind Bank

BoM tops PSU banks in terms of loan, saving deposit growth in Q1, BFSI News, ET BFSI

August 17, 2021 root Banking & Finance

[ad_1]

Read More/Less

New Delhi: State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and savings deposit growth during the first quarter of the current financial year. The Pune-headquartered lender recorded 14.46 per cent increase in gross advances at Rs 1,10,592 lakh crore in April-June period of 2021-22, as per the published data of BoM.

It was followed by Punjab & Sind Bank which posted 10.13 per cent growth in advances with aggregate loans at Rs 67,933 crore at the end of June 2021.

When it came to deposit mobilisation, BoM with nearly 14 per cent growth was a notch behind Punjab and Sind Bank, while the country’s largest lender State Bank of India recorded 8.82 per cent rise.

However, in absolute terms SBI’s deposit base was 21 times higher at Rs 37.20 lakh crore as against Rs 1.74 lakh crore of BoM.

Current Account Savings Account (CASA) for BoM saw 22 per cent rise, the highest among the public sector lenders, during the quarter.

As a result, CASA was 53 per cent or Rs 92,491 crore of the total liability of the bank.

Total business of BoM increased 14.17 per cent to Rs 2.85 lakh crore at the end of June 2021.

For the first quarter, BoM’s standalone net profit more than doubled to Rs 208 crore as against Rs 101 crore in the same period a year ago.

The bank’s asset quality improved significantly as the gross bad loans or gross non-performing assets (NPAs) dipped to 6.35 per cent of gross advances by the end of June 2021 as against 10.93 per cent by the end of first quarter of the previous fiscal.

In absolute terms, gross bad loans stood at Rs 7,022 crore at the end of June 2021, lower than Rs 10,558.53 crore recorded in the same period a year ago.

Net NPAs nearly halved to 2.22 per cent (Rs 2,352.75 crore) from 4.10 per cent (Rs 3,677.39 crore).

[ad_2]

CLICK HERE TO APPLY

Leave a comment bank of maharashtra, earnings, psu, Punjab & Sind Bank, punjab and sind bank, state, state bank of india, stock market

Bank of Maharashtra tops PSU lenders chart in terms of loan, saving deposit growth in Q1, BFSI News, ET BFSI

August 15, 2021 root Banking & Finance

[ad_1]

Read More/Less

State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and savings deposit growth during the first quarter of the current financial year.

The Pune-headquartered lender recorded 14.46 per cent increase in gross advances at Rs 1,10,592 lakh crore in April-June period of 2021-22, as per the published data of BoM.