State-owned Punjab & Sind Bank on Friday (February 23) said its board of directors will take a call on raising funds up to ₹2,000 crore on February 28, 2024.
"...we wish to inform that a meeting of the Board of Directors of the Bank is scheduled to be held on Wednesday, 28th February, 2024 for, inter alia, considering to raise capital up to an amount and aggregating to Rs 2,000 crore in any combinations(s) thereof and in one or more tranches within a period of 12 months from the date of approval," according to a stock exchange filing.
"Equity shares through the public issue (follow on public offer) / rights issue or qualified institutional placement(s)/preferential issue or any other mode or combinations thereof," the bank said.
Punjab & Sind Bank reported a 69% per cent decline in its net profit to ₹114 crore for the third quarter ended December 2023. The Delhi-headquartered bank had earned a net profit of ₹373 crore in the same quarter a year ago.
Its total income increased to ₹2,853 crore during the quarter under review against ₹2,245 crore in the same period last year, Punjab & Sind Bank said in a regulatory filing. The interest income rose to ₹2,491 crore against ₹2,107 crore in the year-ago period.
On the asset quality front, gross non-performing assets (NPAs) declined to 5.70% of the gross loans by the end of December 2023 from 8.36% a year ago. Similarly, net NPAs or bad loans came down to 1.80% from 2.02% at the end of the third quarter of the previous fiscal.
Capital Adequacy Ratio of the bank improved to 16.13 per cent compared to 15.57% at the end of December 2022. During the quarter, the bank crossed a business mix of ₹2 lakh crore and total business stood at ₹2,01,914 crore as of December 31, 2023.
Shares of Punjab & Sind Bank ended at ₹65.87, down by ₹1.46, or 2.17% on the BSE.
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