Govt extends tenure of Punjab & Sind Bank MD till Feb 2027

The government on Monday extended the tenure of incumbent Punjab & Sind Bank MD and CEO Swarup Kumar Saha till February 2027.

Saha was initially appointed as MD and CEO of the bank for three years. He assumed the charge as MD & CEO of Punjab & Sind Bank on June 3, 2022.

According to a notification issued by the Department of Financial Services, the government has extended the tenure of Saha as MD and CEO of Punjab & Sind Bank beyond his currently notified term which was ending on June 2, 2025 till the date of his superannuation that is February 28, 2027 or until further order.

The notification comes following the approval of the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi.

For the fourth quarter ended March 2024, Punjab & Sind Bank had reported over two-fold jump in net profit at Rs 313 crore, as against Rs 139 crore in the year-ago period.

During the quarter, the bank's total income increased to Rs 3,836 crore, from Rs 2,894 crore a year ago. Interest income grew to Rs 3,159 crore in the reported quarter, from Rs 2,481 crore in the fourth quarter of FY24.

Net Interest Income (NII) in the reported quarter also improved to Rs 1,122 crore, from Rs 689 crore in the same period a year ago.

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