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There are several reasons for surging banking index including strong credit growth, relatively lower valuations and commendable work on asset quality front.

Nifty PSU Bank rises in 4th straight session, Indian Overseas Bank leads stock rally

Punjab & Sind Bank is up for a third straight session in a row. The stock is quoting at Rs 44.35, up 4.48% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.25% on the day, quoting at 20154. The Sensex is at 67679.83, up 0.24%. Punjab & Sind Bank has added around 29.68% in last one month. Meanwhile, Nifty Pharma index of which Punjab & Sind Bank is a constituent, has added around 11.26% in last one month and is currently quoting at 5019.65, up 0.38% on the day. The volume in the stock stood at 174.7 lakh shares today, compared to the daily average of 72.77 lakh shares in last one month.The PE of the stock is 22.79 based on TTM earnings ending June 23.

Punjab & Sind Bank rises for third straight session

Punjab & Sind Bank is up for a third straight session today. The stock is quoting at Rs 39.35, up 5.92% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.05% on the day, quoting at 19539.3. The Sensex is at 65663.62, up 0.05%. Punjab & Sind Bank has gained around 27.35% in last one month. Meanwhile, Nifty Pharma index of which Punjab & Sind Bank is a constituent, has gained around 5.93% in last one month and is currently quoting at 4648.8, up 0.09% on the day. The volume in the stock stood at 208.59 lakh shares today, compared to the daily average of 50.27 lakh shares in last one month.The PE of the stock is 20.03 based on TTM earnings ending June 23.

Punjab & Sind Bank soars 5.92%, rises for third straight session

CRISIL said that the revision in outlook factors in the sustained improvement in earnings and asset quality, and strengthening of capital position, which is likely to be maintained over the medium term. The bank has been profitable since the past 10 quarters owing to lower credit cost backed by less incremental stress as well as improving net interest margin (NIM). Supported by regular capital infusion, the bank was able to build a sufficient buffer for its non-performing assets (NPAs), with a provision coverage ratio (PCR) of 72% as on 30 June 2023 (75% as on 31 March 2023). With higher provisions and lower slippages, the bank is expected to maintain profitability over the medium term.Asset quality, while weak, has seen sequential improvement with gross NPAs (GNPAs) at 6.80% as on 30 June 2023, compared with 6.97% as on 31 March 2023, and 12.17% as on 31 March 2022. This improvement was driven by higher write-offs and controlled slippages.Besides, capital position has improved, supported by timely capital infusion and internal accrual, leading to tier 1 and overall capital adequacy ratio (CAR) improving to 14.5% and 17.2%, respectively, as on 30 June 2023, from 13.1% and 16.8%, a year earlier.Capital position is supported by regular fund infusion and expectation of strong support from the majority stakeholder, the Government of India (GoI). In fiscals 2021 and 2022, the bank received Rs 5,500 crore and Rs 4,600 crore, respectively, from the GoI.The rating continues to factor in the expectation of strong support from majority owner, the GoI. These strengths are partially offset by the banks weak asset quality and modest earnings.Punjab & Sind Bank is a relatively small PSB, founded in 1908 in New Delhi. The bank had 1,543 branches and 802 ATMs as on 30 June 2023, primarily in northern India. GoIs ownership stood at 98.25% as on 30 June 2023. For the quarter ended 30 June 2023, net profit was Rs 153 crore and total income (net of interest expense) was Rs 916 crore, against a net profit of Rs 205 crore and total income (net of interest expense) of Rs 824 crore for the corresponding period previous fiscal.

Punjab and Sind Bank edges higher after CRISIL revises outlook on debt instruments 

However, total income jumped 30.2% year on year (YoY) to Rs 2,494.37 crore in the quarter ended 30 June 2023.Net interest income rose 4.09% YoY to Rs 738 crore in Q1 FY24 from Rs 709 crore recorded in Q1 FY23. Operating profit stood at Rs 257.34 crore in the first quarter of FY24 from Rs 251.97 crore posted in the same period last year.Slippage ratio was at 0.60% in Q1 FY24 as compared to 0.52% reported in Q1 FY23.Total deposits rose by 12.49% on YoY basis to Rs 1,14,211 crore as on 30 June 2023. Gross advances were at Rs 80,314 crore as on 30 June 2023, recording a growth of 10.43% YoY.CASA deposits increased to Rs 36,194 crore as on 30 June 2023, rising 4.84% YoY. CASA ratio stood at 31.69% as on 30 June 2023 as compared to 34% reported in the same period previous year.On the asset quality side, gross non-performing assets (NPAs) stood at Rs 5,464.16 crore as on 30 June 2023 as against Rs 5,648.21 crore as on 31 March 2023 and Rs 8,243.74 crore as on 30 June 2022.The ratio of gross NPAs stood at 6.80% as on 30 June 2023 as against 6.97% as on 31 March 2023 and 11.34% as on 30 June 2022.The ratio of net NPAs stood at 1.95% as on 30 June 2023 as against 1.84% as on 31 March 2023 and 2.56% as on 30 June 2022.Provision coverage ratio (PCR) was at 88.58% as on 30 June 2023 as compared with 88.10% as on 30 June 2022.Capital adequacy ratio (CRAR) was at 17.19% with common equity tier 1 (CET-1) ratio of 14.46% at the end of June 2023.Punjab & Sind Bank is a relatively small PSB, founded in 1908 in New Delhi. GoIs ownership stood at 98.25% as on 31 March 2023. The bank has 1533 number of branches, out of which 573 are Rural, 291 Semi-Urban, 367 Urban and 322 Metro along with 896 number of ATMs, 357 Business Correspondents.

Punjab & Sind Bank slumps as PAT declines 25% YoY in Q1

A section of analysts predict that the banking sector will experience a reduction in net profit margins in FY24.

After a strong rally, mutual funds pare holdings in Indian banks in June quarter

Analysts cited two reasons for the rise in the market capitalisation of state-owned banks without a corresponding increase in their share prices.

Public sector banks yet to regain all-time highs after recent rally, surge in m-cap

The banks total business stood at Rs 1,94,866 crore as on 30 June 2023, registering a growth of 11.82% from Rs 1,74,261 crore recorded in the same period last year.Total deposits for the quarter ended 30 June 2023 was at Rs 1,14,229 crore, up 12.5% from Rs 1,01,534 crore as on 30 June 2022.CASA deposits rose 4.89% year on year to Rs 36,211 crore as on 30 June 2023. CASA ratio slipped to 31.70% in Q1 FY24 as compared to 34% posted in the corresponding quarter previous year.Credit-deposit (CD) ratio stood at 70.59% as on 30 June 2023 as against 71.63% as of 30 June 2022.Punjab & Sind Bank is a relatively small PSB, founded in 1908 in New Delhi. GoIs ownership stood at 98.25% as on 31 March 2023. The bank has 1537 number of branches, out of which 572 are Rural, 281 Semi-Urban, 362 Urban and 322 Metro along with 835 number of ATMs, 357 Business Correspondents.The bank reported 32.04% jump in net profit to Rs 456.99 crore on 32.08% rise in total income to Rs 2,651.98 crore in Q4 FY23 over Q4 FY22.The scrip declined 2.06% to currently trade at Rs 32.75 on the BSE.

Punjab & Sind Bank Q1 advances rises 11% YoY

Punjab & Sind Bank is up for a fifth straight session in a row. The stock is quoting at Rs 33.15, up 0.45% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is down around 0.03% on the day, quoting at 19383.7. The Sensex is at 65408.61, down 0.11%. Punjab & Sind Bank has added around 3.27% in last one month. Meanwhile, Nifty Pharma index of which Punjab & Sind Bank is a constituent, has added around 7.7% in last one month and is currently quoting at 4339, up 0.96% on the day. The volume in the stock stood at 27.55 lakh shares today, compared to the daily average of 23.84 lakh shares in last one month.The PE of the stock is 17.03 based on TTM earnings ending March 23.

Punjab & Sind Bank spurts 0.45%, up for five straight sessions

The fund would be raised via the issuance of &quot;Basel-Ill compliant Additional Tier-I Bonds or Tier-II Bonds in one or more tranches within a period of 12 months&quot;, the bank informed the stock exchanges.

Punjab &amp; Sind Bank board approves raising capital of upto Rs 750 crore via bonds

Punjab & Sind Bank Ltd. engages in the provision of banking products and services. It operates through the following segments: Treasury, Corporate and Wholesale Banking, Retail Banking, and Other Banking Operations.. The company was founded by Vir Singh, Sunder Singh Majitha, and Tarlochan Singh on June 24, 1908 and is headquartered in New Delhi, India.

Watchers	62
52-Wk Low	23.10
52-Wk High	53.55

Market Cap	277.28B
Volume (M)	6.23M
52-Wk High	53.55
52-Wk Low	23.10

PSB.NSE Punjab & Sind Bank

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