Punjab & Sind Bank soars on eyeing Rs 500 crore recovery from NPAs in fourth quarter
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Punjab & Sind Bank is currently trading at Rs. 28.50, up by 0.15 points or 0.53% from its previous closing of Rs. 28.35 on the BSE.
The scrip opened at Rs. 29.60 and has touched a high and low of Rs. 29.60 and Rs. 27.45 respectively. So far 194574 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 44.65 on 15-Dec-2022 and a 52 week low of Rs. 12.50 on 21-Jun-2022.
Last one week high and low of the scrip stood at Rs. 32.95 and Rs. 27.45 respectively. The current market cap of the company is Rs. 19045.58 crore.
The promoters holding in the company stood at 98.25%, while Institutions and Non-Institutions held 0.68% and 1.07% respectively.
Punjab & Sind Bank is eyeing a Rs 500 crore recovery in the fourth quarter, as many of the resolution processes of NPA accounts are at the final stages. The state-owned bank's total recovery and upgradation stood at Rs 1,178 crore in the three quarters of the current financial year.
As per the bank, resolution of Meenakshi Energy is at the final stage at the National Asset Reconstruction Company of India (NARCL), while Sintex and Srei resolutions are also at an advanced stage under the Insolvency and Bankruptcy Code. Aided by a reduction in bad loans, recovery from them and healthy growth in interest spread, the bank aims to maintain its profit growth during the financial year ending March 2023.
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.
