Will cross `2L cr biz milestone soon
In the third quarter of FY23, Punjab & Sind Bank has witnessed a credit growth of 17% to Rs 78,049 cr:MD Swarup Kumar Saha
New Delhi: Punjab and Sind Bank is expected to cross Rs 2 lakh crore business milestone soon on the back of robust growth in loans, its managing director Swarup Kumar Saha has said.
In the third quarter of the current financial year, he said, the bank has witnessed a credit growth of 17 per cent to Rs 78,049 crore. "Topline growth is in line with our guidance while other key parameters like asset quality and slippages are also under control," he said.
The bank's current account and savings accounts increased by 11.33 per cent to Rs 36,460 crore at the end of the third quarter. The total business rose by 12.26 per cent to Rs 1.87 lakh crore at the end of December 31, 2022, Saha said. Talking about new initiatives, Saha said the bank has recently partnered with SBI Card to launch co-brand credit cards for its customers. Available in three variants -- PSB SBI Card ELITE, PSB SBI Card PRIME and PSB SimplySAVE SBI Card - will have access to a wide suite of exclusive privileges. The bank is in the transformational stage of diversifying into different third-party goods, and the addition of the credit card business to the current portfolio of products will help in both attracting new customers and keeping its current clientele, he said.
