Punjab & Sind Bank surges on planning to double ATM network in next two years

Punjab & Sind Bank is currently trading at Rs. 34.17, up by 0.40 points or 1.18% from its previous closing of Rs. 33.77 on the BSE.

The scrip opened at Rs. 33.99 and has touched a high and low of Rs. 35.20 and Rs. 33.31 respectively. So far 265282 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 44.65 on 15-Dec-2022 and a 52 week low of Rs. 14.65 on 27-Sep-2022.

Last one week high and low of the scrip stood at Rs. 35.20 and Rs. 31.55 respectively. The current market cap of the company is Rs. 23159.70 crore.

The promoters holding in the company stood at 98.25%, while Institutions and Non-Institutions held 0.66% and 1.09% respectively.

Punjab & Sind Bank is planning to double its ATM network to about 1,600 in the next two years to increase its touch points and brand visibility. Besides, the bank also intends to open 50 more branches during the current financial year (FY24) taking the total network beyond 1,600. The addition of new branches would add to low-cost deposits and help in penetration of loan products.

Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.