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Wednesday, July 27, 2011

Punjab & Sind Bank:-Buy/sell/,growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Punjab & Sind Bank

Story:Punjab & Sind Bank (PSB) is a Government of India (GoI) undertaking with over 100 years of operation. It has significantly grown its branch network with a presence predominantly in north India. As on October 31, 2010, its network comprised of 926 branches and 63 owned ATMs and access to more than 50,000 ATMs across the country. It has 627 branches in North India out of which 402 branches are in Punjab alone. It also sponsored one regional rural bank, Sutlej Gramin Bank, in collaboration with the GoI and the state Government of Punjab. As on September 30, 2010, it has a total of 8,047 employees, serving over 0.66 crore customers.Total income of the bank has grown at CAGR of 31% from FY 2007 to FY 2010. Over the same period, the CAGR in net interest income, PBT before provisions and net profit stand at 17.4%, 22.9% and 8.8%, respectively.Between FY 2007 to FY 2010, deposits have grown at a CAGR of 36.5% to Rs 49155.08 crore as on 31st March 2010. Term deposit forms 75% of the total deposit base at end of FY 2010. As such, the proposition of low cost deposit has come down from 46% at end of FY 2007 to 25% at end of FY 2010.The credit-deposit ratio declined from 70.99% to 66.6%. Share of investment in total assets marginally increased from 31% to 32% due to investment in bonds and certificates of deposits whereas share of advances to total assets remained in range of 58% to 60%.The net NPA ratio has come down from 8.4% in 2005 to presently 0.44% for H1 FY 2011 showing improved asset quality. Provision coverage ratio as of September 2010 stood at 86.83%, well above the minimum 70% prescribed by the RBI.Business per employee has improved significantly from Rs 4.67 lakh in FY 2008 to Rs 9.63 lakh in FY 2010 and Rs 10.46 lakh for H1 FY2011.On a price to book its quoting at a discount which leaves room for some capital appreciation.At present prices its a hold.

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