Punjab & Sind Bank share: Public sector Punjab and Sind Bank plans to raise Rs 2,000 crore in the second half of the current financial year through qualified institutional placement (QIP) for business growth. Depending on market conditions, the fund raising may be completed in the second quarter or the third quarter. This will help in reducing the government’s stake in the bank. The Government of India holds 98.25 percent stake in Punjab and Sindh Bank.
What did the MD of the bank say?
“The board of directors has already given approval and the merchant bankers will be inducted by August,” said the bank’s managing director (MD) and chief executive officer (CEO) Swaroop Kumar Saha. He said that QIP will help in improving the capital adequacy ratio (CAR) of the bank. The capital adequacy ratio of the bank at the end of March 2024 was 17.10 percent.
Possible increase in liabilities
Swarup Kumar Saha said the bank expects 12-14 per cent growth in the asset book. He said that this should see a growth of 15-18 percent in retail, agriculture and MSME (RAM). In terms of deposits, he said the bank expects liabilities to grow by eight to 10 percent during the current financial year. Saha said the bank has taken several customer-centric initiatives to improve satisfaction levels. Under this, the bank is converting 50 identified branches into model or smart branches. Saha said the bank has also introduced PSB Pink Debit Card powered by RuPay for women, which has multiple benefits.
share status
Talking about the shares of Punjab and Sindh Bank, a rise of about 2 percent was seen in it on Friday. The share closed at Rs 59.59 on the last trading day of the week. Represents an increase of 1.21% from the day before.
