Punjab & Sind Bank to raise Rs 600 cr in 2011-12

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Punjab & Sind Bank to raise Rs 600 cr in 2011-12
Punjab & Sind Bank (PSB) is planning to raise Rs 600 crore during the current fiscal from bonds to fund business growth. It is expecting its advances to increase by 28 % and deposits by 30 % in the current fiscal.

Punjab & Sind Bank Executive Director, PK Anand, said, "The board has given approval to raise Rs 600 crore from Tier-II bonds in 2011-12". It would be raised in phased manner depending on the requirement, he added.

The total business of the bank crossed Rs 1,02,555 crore at end of March, 2011 as the deposits rose by 21.5 per cent to Rs 59,723 crore, while advances jumped 30.8 per cent to Rs 42,833 crore during the year 2010-2011.

The net profit of the bank rose by 3.5 per cent to Rs 526.1 crore for the fiscal year ended March 31,2011 as compared to Rs 508.8 crore recorded in the previous fiscal. Total income of the bank improved to Rs 5,369.5 crore in 2010-2011 as compared to Rs 4,345.9 crore in 2009-10. The net interest income rose by 31 per cent to Rs 1,560 crore in 2010-11 against Rs 1,184 crore in the previous fiscal.

Bank"s net interest margin improved to 2.66 per cent at the end of fourth quarter compared to 2.45 per cent at the end of March, 2010. The bank is aiming it to be further improved to 3 per cent.

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