Punjab & Sind Bank, with the approval of Reserve Bank of India (RBI), has appropriated accumulated losses amounting to Rs 3,577.55 crore from share premium account (SPA) of the bank on Monday, 23 August 2021.
Punjab & Sind Bank received the approval from shareholders on 20 July 2021 by the way of special resolution to set-off accumulated losses from share premium account of the bank.
Punjab & Sind Bank reported a net profit of Rs 173.85 crore in Q1 FY22 as compared to a net loss of Rs 116.89 crore posted in Q1 FY21. Total income rose 4.4% to Rs 2,039.61 crore in Q1 FY22 over Q1 FY21.
Punjab & Sind Bank's business segments include treasury operations, corporate/wholesale banking, retail banking and other banking operations. The bank offers international banking and domestic banking services.
As of 30 June 2021, the Government of India held 97.07% stake while Life Insurance Corporation of India held 1.04% stake in the bank.
Following the update, shares of Punjab & Sind Bank rose 1.92% to Rs 15.95 on BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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