Tuesday, Jun 08, 2004
Tuesday, Jun 08, 2004 |
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NEW DELHI: Punjab & Sind Bank has achieved a higher net profit of Rs. 8.89 crores in 2003-04 despite Rs. 480 crore establishment costs including retirement benefits. Total business grew to Rs. 19,672.04 crores. Establishment cost of the bank went up by 53 per cent to Rs. 480 crores mainly due to higher provisioning for retirement benefits to its staff. The cost of deposits fell to 5.68 per cent during 2003-04 against 6.79 per cent in the previous year mainly due to increase in demand deposits, which stood at 41.51 per cent of the total deposits. The share of demand deposits in total stood at 36.34 per cent in 2002-03, it said. The bank said the share of retail lending has gone up to 49.72 per cent in its credit portfolio during 2003-04 as compared to 44.01 per cent in the previous year. With better recovery, the bank was able to bring down net non-performing assets to 9.62 per cent of net advances during 2003-04 against 10.89 per cent a year ago.
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