As per a regulatory filing by Punjab & Sind Bank on June 12, the Board of the state-owned lender approved its plan to raise Rs 750 crore through bonds.

The Board meeting held on June 11 approved the capital raising up to Rs 750 crore through the issuance of Basel-Ill compliant Additional Tier-I Bonds or Tier-III Bonds in one or more tranches within a year.

In Q4FY23, the bank reported a 32.03% YoY growth in net profits to Rs 456.99 crore. The bank reported its highest-ever net profit for a fiscal year at Rs 1,313 crore in FY23. In contrast, the bank’s net interest income fell sharply by 15.05% QoQ to Rs 683.78 crore in the quarter.

The lender’s gross non-performing assets (NPAs) fell to 6.97% in Q4FY23 from 12.17% in the year-ago period. The net NPAs stood at 1.84% in the quarter, down from 2.74%.

According to the quarterly report, the Primary Sector Advance stood at 54.99%, and Agriculture Advance at 20.67% of Adjusted Net Bank Credit (ANBC), against the regulatory target of 40% and 18%, respectively. Moreover, credit to micro enterprises stands at 14.31% of ANBC, against the target of 7.5%.

Punjab & Sind Bank shares quoted Rs 32.10 on the Bombay Stock Exchange (BSE), up 0.4% from the previous close. The stock has returned over 123% to its investors in the past year.