Punjab & Sind Bank raises Rs 300 cr from bonds

Punjab & Sind Bank raises Rs 300 cr from bonds
State-owned Punjab & Sind Bank (PSB) has raised Rs 300 crore through unsecured redeemable subordinated Tier II bonds, at 9.73% per annum. The amount raised would be used for the bank's business. The bonds issued will have a maturity of 15 years with a call option after the 10th year.

As per the financials of the bank, the deposits of the bank during 2010-2011 rose by 21.5% to Rs 59,723 crore, while advances were recorded to jump of 30.8% to Rs 42,833 crore. However, for the current fiscal, the bank expects a 28% increase in advances, while predicts the deposits to grow at 30%.

Further, a marginal rise of 3.5% was recorded in the net profit of the bank for the fiscal ended March 31, 2011. The net profit was reported at Rs 526.1 crore as against Rs 508.8 crore in the previous fiscal. The total business, however, crossed Rs 1,02,555 crore at the end of March, 2011.

Read more about: psb, bank, bonds, bse, nse
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