PSU Bank: Small government bank made a plan to increase branch network, preparing to reach every district of the country
PSU Bank: Branch network expansion has been planned by Punjab and Sind Bank. Bank's MD Swaroop Kumar Saha says that we will take the bank's network beyond 2000 branches in the next three years. By March 2023, the bank had 1555 branches. However, in the June quarter results, the bank's profit had decreased by 25 percent year-on-year.
Punjab and Sind Bank has planned to take its network to 2000 branches and the same number of ATMs in the next three years. The bank's plan is to increase touch points and brand visibility through this.
Talking to the news agency PTI, Punjab, and Sind Bank MD Swaroop Kumar Saha said that the bank aims to open 50 branches in the current financial year and take the branch count to over 1,600. The bank had opened 28 branches in the last financial year taking the total branch count to 1,555.
It was told on behalf of Saha that by March 2026, the branch network of the bank would cross the figure of 2,000. Presently the bank is present in 319 districts. The endeavor of the bank is to register its presence in every district of the country.
Also told that we are working on making our operation economical so that we can reduce the cost and increase the fee income. We are also working on expanding the ATM network.
The June quarter results were released by Punjab and Sind Bank in early August. The bank's profits have seen a decline of 25 percent on an annual basis. The bank's profit fell to Rs 152.6 crore from Rs 204.7 crore on an annual basis. However, there has been an improvement in the asset quality of the bank. There has been a decline in GNPA and NNPA in the April-June quarter.
The bank's GNPA has shown considerable improvement and has come down to 6.8 percent in the first quarter of the financial year from 11.3 percent a year ago. The NNPA of the bank has come down to 1.95 percent.
