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Punjab & Sind Bank 21, � �. � �-110 008
H.O. Accounts & Audit Department
1'1,._,....._ �- � �-
t.Jfiiij � 111<-I � "Shares Cell", Bank House, 1st Floor,
·�·· {1lm! 'ffi'�IHii �/A G<M.ol India Undertakng) 21, Rajendra Place, New Delhi· 110008
Phone: 011-25782926, 25812922, 25817353, 25728930, Email:[email protected]

m: .......... ·Ref:PSB/HO/Shares Cell/ /2020-21 ��ember�2020: . ...........

To,

Bombay Stock Exchange Limited, National Stock Exchange of India Ltd.,

Dej>artment of Corporate Services, Exchange Plaza, C- 1, Block- G,
2S floor, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East),
Dalal Street, Fort, Mumbai - 400 00 I. Mumbai - 400 051.
SCRIP CODE : S3329S SYMBOL: PSB SERIES: EO

Dear Sir,

Reg: Punjab & Sind Bank- Board Meeting dated 12.11.2020:

Reporting pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015

We wish to inform that the Board of Directors of Punjab & Sind Bank at its meeting held on
12.11.2020, resolved and approved the following:
I. Unaudited, Reviewed Financial Results for the Quarter (Q2) / Half Year ended
September 30, 2020.

2. To offer, issue, create and allot Equity shares aggregating up to Rs.6000 crore
(including premium) by way of Follow on Public Offer (FPO) / Right Issue/ Qualified
Institutional Placement(s) / Preferential Issue or any other mode or a combination(s)
thereof in one or more tranches within a period of 12 months. This includes the
previo�s approval to raise an amount ofRs.500 crore by way ofQIP.

3. To increase the Authorized Equity Share Capital of the Bank from Rs.3000 crore to
Rs. I 0000 crore.

We are forwarding a copy of Reviewed Un·audited Financial Results, Segment Reporting and
Limited Review by Auditors.

You are requested to take a note of the above, pursuant to clause 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The information may kindly be
uploaded on your website.

Yours faithfully,

OM( ��
£ket Mehrotra]
Company Secretary
 PUNJAB & SIND BANK
Head Office: 21, Rajendra Place, New Delhi 110 008
Reviewed Financial Results for the Quarter/Halfyear ended 30th September,2020
(Ruoees in lacs)
QUARTER ENDED HALF YEAR ENDED YEAR
SI.
30.09.2020 30.06.2020 30.09.2019 30.09.2020 30.09.2019 ENDED
Particulars
No. " 31.03.2020
Reviewed Reviewed Reviewed Reviewed Reviewed Audited
I INTEREST EARNED Ca+b+i:+d) 180012 180002 201366 360014 408460 792953
a).lnterest/ discount on advances/bills 126499 126805 148521 253304 300880 577383
b) Income on Investments 48793 47673 48900 96466 99235 199049
c) Interest on Balances with RBI & Other Inter Bank Funds 1606 2648 699 4254 1887 3748
d) Others 3114 2876 3246 5990 6458 12773
2 Other lncom.: 19907 15437 20891 35344 37588 89739
3 TOTAL INCOME (1+2) 199919 195439 222257 395358 446048 882692
4 Interest Expended 118669 126280 150434 244949 300769 587198
5 Oocratim1 Exoenses (i)+lii) 58107 46568 46754 104675 93256 185803
i) Emnlovccs Cost 41684 31952 29932 73636 6193-1 121109
ii) Other Ooeratin2 Exncnscs 16423 14616 16822 31039 31322 64694
TOTAL EXPENDITURE (4+5) (excluding Provisions &
Conti112encies) 176776 172848 197188 349624 394025 773001
7 Oneratin!! Profit before Provisions & Contine:encies (3-6) 23143 22591 25069 4S734 52023 109691
8 Provisions (other tban tax) and Contingencies 86382 38256 97262 124638 130715 261928
Of Which Provisions for Non Performin2 Assets 84500 33080 94936 117580 I 16049 230830
9 Exceotional lt�ms 0 0 0 0 0 0
Profit(+)/ Loss(-) from Ordinary Activities before tax (7-
10 8-9) -63239 -15665 -72193 -78904 -78692 -152237
II Tax Expense -23112 -3976 -25320 -27088 -28791 -53157
Net Profit (+)/Loss(-) from Ordinary Activities after tax
12 (10-11) -40127 -11689 -46873 -51816 -49901 -99080
13 Extraordinar items (net of tax exnense)
v 0 0 0 0 0 0
14 Net Profit(+)/ Loss(.\ for the ne1iod (12-13) -40127 -11689 -46873 -51816 -49901 -99080

_, --
15 Paid-up Equity Share Caoital /Face Value Rs.JO/-) 70105 70105 60206 70105 60206 70105
�971 ·n I
16 Reserves excluding Revaluation Reserve
(as per Balance Sheet of orevious accounting vcar) I
17 Analvtical Ratios
( I). PercenLa!!e of shares held bv Government of India 83.06 83.06 80.28 83.06 80.28 83.06
(ii) Capital Adeauacv Ratio (Basel III) 11.11 12.81 I 1.68 11.11 11.68 12.76
a). CET I Ratio 5.98 7.42 8.14 5.98 8.14 7.59
b). Additional Tier I Ratio 2.05 2.04 1.73 2.05 1.73 1.99
(iii) Earnina. ocr share (ofRs.10/- each) <Not Annualised) (Rs.)
(a) Basic and diluted EPS before Extraordinary items
(net of tax expense) for the period, for the year to
date and for the nrevious vear (not annualized) -5.72 -1.67 -7.79 -7.39 -8.53 -15.76
(b) Basic and diluted EPS after Extraordinary items for
the period, for the year to date and for the previous
vear (not annualized) -5.72 -1.67 ·7.79 -7.39 -8.53 -15.76
(iv) (a) Amount of Gross Non Performing Assets 867316 884806 921822 867316 921822 887457
(b) Amount of Net Non Perfonnina Assets 330652 432641 444354 330652 444354 468-115

tc) % of Gross NPAs 14.06 14.34 13.64 14.06 13.64 14.18

Id) % of Net NPAs 5.87 7.57 7.07 5.87 7.07 8.03
(\ / Return on Assets (Annualised) -1.58 -0.45 -1.70 -1.01 -0.91 -0.91
 Reviewed Un-audited Financial Results for the Quarter/ Half Year ended 30th September, 2020

QUARTER ENDED HALF VEAR ENDED VEAR

SI. ENDED
No.
Particulars 30.09.2020 30.06.2020 30.09.2019 30.0'J.2020 30.09.2019 31.03.2020
Reviewed Reviewed Reviewed Reviewed Reviewed Audited
18 Public Shareholdine.:
No. of Shares" 118735354 118735354 118735354 118735354 118735354 118735354
Percentaee of Shareholding 16.94 16.94 19.72 16.94 19.72 16.94
19 Promoters and promoter group Share holding
(a ) Plede.ed/ Encumbered
Number of shares Nil Nil Nil Nil Nil Nil
Percentage of Shares (as a% of the total shareholding of
oromoter and oromotor grouo) Nil Nil Nil Nil Nil Nil
Percent.age of Shares (as a% of the total share capital of the
Bank Nil Nil Nil Nil Nil Nii
(b) Non-encumbered
Number of shares 582317742 582317742 483324032 582317742 483324032 582317742
Percentage of Shares (as a% of the total shareholding of
oromolcr and oromoter J!.TOUP) 100.00 100.00 100.00 100.00 100.00 100.00
Percentage of Shares (as a% of the total share capital of the
Bank 83.06 83.06 80.28 83.06 80.28 83.06

Segment Reporting:
A: BUSINESS SEGMENT:
For the purpose of segment reporting in tenns of AS-17 of ICAI and as prescribed in RBI guidelines, the business of the Bank
has been classified into four segments i.e. a) Treasury Operations b) Corporate/wholesale Banking, c) Retail Banking and d) Other
Banking Operations. Segmental Revenue, Results, Assets & Liabilities in respect of Corporate I Wholesale and Retail Banking segment
ha ve been bifurcated on the basis of exposure to these segments. Assets and Liabilities, wherever directly related to segments have been
accordingly allocated to segments and wherever not directly related have been allocated on the basis ofpro-rata segment revenue.
.
(Rupees m Lacs )
Quarter ended Half Year ended \'ear ended
Particulars 30.09.20 30.06.20 30.09.19 30.09.20 30.09.19 31.03.20
(Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited)

1. Sc2ment Revenue
a) Treasury 58286 56211 58603 I 14497 116994 239532

b) Corporate/ Wholesale Banking 75221 86283 98918 161504 205412 403037

c) Retail Bankinl! 66099 52792 64555 I 18891 123384 239519

d) Other Banking Ooerations 313 153 181 466 258 604

Total 199919 195439 222257 395358 446048 882692

2. Se!!ment Result
a) Treasurv 23227 19844 16069 43071 33954 72770

b) Coroorate/ Wholesale Banking 12667 10107 13121 22774 28845 53713

c) Retail Bankin11: 10581 6184 8641 16765 17327 31921

d) Other Bankini! Ooerations 313 153 181 466 258 604

Total 46788 36288 38012 83076 80384 159008

3. Unallocated Expenses 23645 13697 12943 37342 28361 49317

4. O1>eratin2 Profit 23143 22591 25069 45734 52023 109691

 Reviewed Un-audited Financial Results for the Quarter/ Half Year ended 30th September, 2020

Quarter ended Half Year ended Year ended

Particulars 30.09.20 30.06.20 J0.09.19 30.09.20 30.09.19 31.03.20
(Reviewed) (Reviewed) {Re,,iewed) {Reviewed) (Reviewed) (Audited)
5. Provisions & Contingencies 86382 38256 97262 124638 130715 261928
6. Income Tax -23112 -3976 -25320 -27088 -28791 -53157
7. Extra Ordinary Profit/ Loss 0 0 0 0 0 0
8. Net Profit -40127 -11689 -46873 -51816 -49901 -99080
Other Information:
9. See:ment Assets
a) Treasurv 2463934 2466327 2681899 2463934 2681899 2500578
b) Coroorate/ Wholesale Bankine 3866303 4265940 4738046 3866303 4738046 4593134
c) Retail Banking 2846161 26l0119 2845965 2846161 2845965 2729632
d) Other Banking Ooerations 0 0 0 0 0 0
e) Unallocated Assets 264075 234145 180244 264075 180244 227037
Total Assets 9440473 9576531 10446154 9440473 10446154 10050381
10. Segment Liabilities
a) Treasury 2396614 2379938 2588696 2396614 2588696 2415041
b) Corporate/ Wholesale Banking 3760667 4116515 4573386 3760667 4573386 4436017
c) Retail Banking 2768398 2518693 2747060 2768398 2747060 2636260
d) Other Bankin12 Ooerations 0 0 0 0 0 0
e) Unallocated Liabilities 6971 13436 6794 6971 6794 3424
Total Linbilities 8932650 9028582 9915936 8932650 9915936 9490742

8: GEOGRAPHIC SEGMENT:
Since the Bank does not have any overseas branch, reporting under Geographic Segment is not applicable.

STATEMENT OF ASSETS AND LIABILITIES ASON 30TB SEPTEMBER, 2020

(Rs. in Lacs)
ASON ASON ASON ASON
30.09.2020 31.03.2020 30.09.2020 31.03.2020
CAPITAL & LIABILITIES ASSETS

Capital 70105 70105Cash & balance with

Reserves & Surplus 437719 489534Reserve Bank of India 542901 948840
Deposits 8455924 8966755Balance with banks & monev
Borrowings 273825 321305at call and short notice 30116 8985
Other Liabilities 202900 202681Investments 2420312 2455210
Advances 5636267 5841191
Fixed Assets 122626 124083
,. Other Assets 688251 672071
Total 9440473 10050380 Total 9440473 10050380
 Reviewed Un-audited Financial Results for the Quarter/ Half Year ended 30th September, 2020

CASH FLOW STATEMENT FOR THE HALF YEAR ENDED30T11 SEPTEMBER, 2020
Rs in Lacs
Half Year ended Year ended Half Year ended
30.09.2020 31.03.2020 30.09.2019
" (Reviewed) (Audited) (Reviewed)
A>.Cash Flow from Operating Activities
Net Profit as per Profit & Loss Account -518 L6 -99080 -49901
Adjustments for:
Provisions & Contingencies 97455 210036 103109
Depreciation on Fixed Assets 2943 5391 2714
Depreciation on Investments 96 -1264 -1185
Profit on sale of Assets -3 -96 -94
Interest on Bonds, PCPS and IPDl 12273 23459 10755
Operating Profit before working capital changes 60948 138446 65398
Adjustments for:
Increase/ (Decrease) in Deposits -510831 -889005 -458655
Increase/ (Decrease) in Borrowings -27480 33675 4275
Increase/ (Decrease) in Other Liabilities -3582 -2215 -887
(Increase)/ Decrease in Investments 32021 140268 -32623
(Increase)/ Decrease in Advances 86964 840241 513470
(Increase)/ Decrease in Other Assets 20859 -4171 19628
Direct Taxes Paid (Net of refund) -9950 �36247 -13819
Cash Flow from Ooerating Activities (A) -351051 220992 96787

B>.Cash Flow from investing Activities

Increase in Fixed Assets -1487 -6435 -4155
Profit on sale of Assets 3 96 94
Cash Flow from Investing Activities (B) -1484 -6339 -4061

C>.Cash Flow from Financing Activities

Issue of Equity Shares (Face Value) for cash 0 13614 3715
Share Premium received thereon 0 75086 6285
Public Issue Expenses 0 -121 -20
Issue ofSubordmated Bonds 0 73730 23730
Redemption ofSubordinated Bonds -20000 -57500 -57500
Interest on Bonds, PCPS and IPDI -12273 -23459 -10755
Share Aoolication Money Pending Allotment 0 0 78700
Cash Flow form Financing Activities (C) -32273 81350 44155

Cash from Operating Activities -351051 220992 96787

Cash from Investing Activities -1484 -6339 -4061
Cash from Financing Activities -32273 81350 44155
Increase in Cash & Cash Equivalents -384808 296003 136881

Cash and Bank Balances (Opening) 957825 661822 661822

Cash and Bank Balances (Closing) 573017 957825 798703
 Reviewed Un-audited Financial Results for the Quarter/ Half Year ended 30th September, 2020

NOTES FORMING PART OF THE REVIEWED FINANCIAL RESULTS OF THE BANK FOR QUARTER
ENDED AND HALF YEAR ENDED SEPTEMBER 30, 2020:

1. The above financial results for the Quarter and half-year ended September 30, 2020 have been prepared in
accordance with Accounting Standard (AS) - 25 on Interim Financial Reporting issued by the Institute of
Chartered Accountants of India (ICAI), following the same accounting policies and practices as those followed in
the annual financial statements for the year ended March 31, 2020.

2. The above Financial Results have been reviewed by the Audit Committee of the Board and approved by the
Board of Directors in the meeting held on November 12, 2020. The results have been subjected to a "Limited
Review" 'by the Statutory Central Auditors of the Bank in line with the guidelines issued by Reserve Bank of
India (RBI) and as per the requirement of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015.

3. The financial results for the Quarter and Half-year ended September 30, 2020 have been arrived at after
considering provisions for Non-Performing Assets, Standard Assets (including COVID provision), GST
registered MSME borrowers, Restructured Advances, Depreciation on investments, and exposures to entities with
Un-hedged foreign currency exposures on the basis of extant guidelines issued by RBI.

4. Provision for Depreciation on Fixed assets, Employee Benefits, Income Tax (including Deferred Tax) and other
usual and necessary provisions have been made on estimated basis, which are subject to adjustment, if any at the
year end.

5. The Government of India, vide the Taxation Laws (Amendment) Act, 2019, inserted section 1 ISBAA in the
Income Tax Act 1961 w.e.f. April 1, 2019. The Bank has evaluated the options available under section l lSBAAof
the Income Tax Act, 1961 and opted to continue to recognize the Taxes on Income for the quarter and half year
ended September 30, 2020 as per the earlier provisions of the Income Tax Act.

6. Pending settlement of the Bipartite agreement on wage revision (due from November 2017), an adhoc amount of
Rs.129.50 Crore (Previous quarter Rs 30.00 Crore) has been provided during the current quarter considering the
current indicative progress in wage settlement. The outstanding provision held as on September 30, 2020 is
Rs.403.22 Crore.

7. Bank has reported three loan accounts under borrowal fraud category to RBI during quarter 2 of Current Financial
year involving amount of Rs.916.73 crore outstanding as on September 30, 2020. The accounts were already
under NPA category & provision of Rs.272.64 crore was held till June 30, 2020.A further provision of Rs. 161.02
crore has been made during the 2nd quarter of F.Y 2020-21 and availed deferment of balance provision of
Rs.483.06 crore, as per RBI circular no. DBR No.BP.BC.92/21.04.048/2015-16 dated 18.04.2016. Accordingly,
an amount of Rs. 433.66 crore has been provided till 30.09.2020 and balance of Rs.483.06 crore have been
deferred to be provided in next 3 quarters of financial year 2020-21 & 2021-22.
 Reviewed Un-audited Financial Results for the Quarter/ Half Year ended 30th September, 2020

8. In accordance with RBI Circular No.DBR.BP.BC.18/2 1.04.048/2018-19 dated 1st January 2019 and extended
guideline's for the same vide RBI Circular No. DOR.No.BP.BC.34/21.04.048/2019-2 0 dated February 11, 2020
and again extended guidelines for the same vide RBI Notification No. DOR.No.BP.BC.4/21.04.048/202 0-2 1
dated August 6, 2020 on "One time MSME restructuring", the details of MSME restructured accounts as on
September 30, 2020 are as under:

No. of Accounts Restructured Amount (Rs. in Crore)

4984 206.18

9. As per the Reserve Bank of India directions for initiating Insolvency Process- Provisioning Norms, vide letter
No.DBR.No.BP:15199/21.04.048/2016-17 dated June 23, 2017 and DBR.No.BP.1906/21.04.048/2017-18 dated
August 28, 2018, the bank is holding the provisioning of Rs.62 5.79 crore as against the balance outstanding of
Rs.625.79 crore as on September 30, 2020 in respect of borrowal accounts referred in aforesaid circular. Further,
the provisions held in respect of total borrowal accounts referred to NCLT stood at Rs.3780.98 crore as against
the balance outstanding of Rs.4693.45 crore as on September 30, 2020.

l 0. In view of reasonable certainty of future taxable profits against which timing differences arising on account of
provision for non-performing investments, provision for wage revision, etc. can be realized and accordingly, the
Bank has recognized deferred tax assets (net) of Rs.231.12 crore for the quarter ended September 30, 2020.

11. The Bank has estimated the liability for Unhedged Foreign Currency in terms of RBI circular
DBOD.No.BP.BC.85/21.06.200/2013-14 dated January 15, 2014 and is holding a provision of Rs.0.11 Crore as
on September 30,2020

12 . In tenns of Hon'ble Supreme Court order and necessary guidelines issued by Reserve Bank of India (RBI), the
Bank has kept Delhi Airport Metro Express Private Limited (DAMEPL) as standard account. However, the
necessary provisions as per IRAC norms have been made which are as under:
(Rs. in crore)
Amount not treated as Provisions required to be made Provisions actually
per NPA as per as per IRAC norms held
IRAC norms
151.68 37.92 37.92

13. In terms of Reserve Bank of India (RBI) circular DBR.No.BP.BC.l/2 1.06.201/2015-16, dated July 1, 2015, on
'Basel Ill Capital Adequacy' and RBI circulars DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 on
'Prudential Guidelines on Capital Adequacy and Liquidity Standard Amendments', Banks are required to make
Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III framework which are
being made available on the Bank's website. The Disclosures have not been subjected to review by Statutory
Central Auditors of the Bank.

14. The Provision Coverage Ratio and Liquidity Coverage Ratio as at 30.09.2020 work out to 76.12% and 219.65%
respectively (Previous quarter 69.20% and 220.80% respectively).

15. The Bank is carrying a provision of Rs.11.27 crore as against the outstanding balance of Rs.225.41 Crore as at
September 30, 2020 being 5% of outstanding food credit availed by the State Government of Punjab as per the
RBI letter No. DBR (BP) No/720J/2 1.04.132/2017-18 dated 08.02 .2018 issued to SBI, the lead bank.
 Reviewed Un-audited Financial Results for the Quarter/ Half Year ended 30th September, 2020

16. COVID-19 continues to spread across the globe and India. The situation continuously remains highly uncertain
and revival of normalcy depends on the containment of spread of Covid-19 and the effectiveness of current and
future steps taken by Governments and RBI to mitigate the economic impact. Despite the prevalent condition, in
the opinion of management, there would not be significant impact on Bank's Financials.

In accordance with the COVID-19 Regulatory Package announced by the RBI on March 27, 2020 and April 17,
2020 with regard to providing relief to borrowers on account of COVID-19 pandemic by permitting moratorium
of three months on all term loan installments and deferment of interest on working capital facilities falling due
between March 1, 2020 and May 31, 2020 and extended guidelines issued on May 23, 2020, wherein RBI has
permitted the Banks to extend such benefits to eligible borrowers for further period of three months from June 1,
2020 to August 31, 2020. In accordance with RBI's guidelines, the Bank made provision @ I 0% of the
outstanding advances over two quarters beginning with the quarter ended March 31, 2020 in respect of such
borrowal accounts where asset classification benefit has been given as per RBI Guidelines. The disclosure
requirement as per RBI circular dated 17th April 2020 is as under:-

s. Particulars Amount
No. (Rs. in Crore)
I. Respective amounts in SMA/overdue categories, where the 5158.56
moratorium/deferment was extended (O/S as on 30.09.2020)
11. Respective amount where asset classification benefits is extended (O/S as on 878.27
30.09.2020)
iii. Provisions made during the Q4 FY 2020 and QI FY 2021 in terms of the 100.00
above circulars
iv. Provisions adjusted during the half year ended September 30, 2020 against 11.98
slippages
v. Residual Provision o/s as on 30.09.2020 88.02

17. The Hon'ble Supreme Court of India, in a public interest litigation case of Gajendra Sharma vs. Union Bank of
India & ANR., vide an interim order dated 03.09.2020, has directed that the accounts which were not declared as
Non-Performing Assets (NPA) till 31.08.2020 shall not be declared as NPA till further orders.

18. During the quarter ended 30th September 2020, bank has made additional provision of Rs.469.22 crore in view of
uncertainty of recovery and deterioration in value of underlying assets in respect of 13 NPA borrowal accounts.
.. in such accounts as on 30th September 2020 is Rs.1421.29 crore.
The provision

I 9. The President oflndia has accorded the sanction, vide letter F.No.7/23/2019-BOA-I dated 10.11.2020, to infuse
an amount of Rs.5500 crore towards the contribution of the Central Government in the preferential allotment of
equity shares during the year 2020-21. Reckoning the same and based on the limited reviewed RWAs as on
30.09.2020, the CET- 1 and CRAR will be 17.92% and 22.90% respectively.

20. The Bank has recognized Treasury operations, Corporate/ Wholesale Banking and Retail Banking as primary
reporting segments. There are no secondary reporting segments.
 Reviewed Un-audited Flnancial Results for the Quarter/ Half Year ended 3oth September, 2020

21. The figures of previous period have been regrouped and reclassified wherever necessary in order to make them
comparable with the figures of the current period.

22. Details oflnvestors complaint for the quarter and half year ended September 30, 2020:

Beginning Received Disposed off Lying unresolved

Nil 2 2 Nil

vi:!

v\-.'ft
AJIT KUMAR DAS
CHIEF FINANCIAL OFFICER EXECUTIVE DIRECTOR

S. KRISHNAN CHARAN SINGH

MANAGING DIRECTOR & CEO NON EXECUTIVE CHAIRMAN

S.MANN&CO. BALDEV KUMAR & CO.

Chartered Accountants
FRN : 000075N
UDIN: '200� OSOOAAAA I>R 32-f;O

G ,.__).,
(Subhash Ma
Partner
M.No.080500

SURESH CHANDRA & ASSOCIATES RAJ GUPTA & CO.

Chartered Accountants

j�l
FRN: 000203N I.· A. T.." AC s 09 l,�
()5 0":r:>3�1"'\ I I
UDIN: <)_ 3
Place: L\dta

(Madhur Gup't
Partner
(Abhishek Gupfu)
Partner
(ff \
M.No.090205 M.No.530433

Dated: November 12, 2020

 S.MANN&CO. BALDEV KUMAR&CO.
Chartered Accountants Chartered Accountants

SURESH CHANDRA&ASSOCIATES RAJ GUPTA&CO.

Chartered Accountants Chartered Accountants

Limited Review Report

To
The Board of Directors
Punjab & Sind Bank
New Delhi

I. We have reviewed the accompanying statements of unaudited financial results (the statements) of Punjab
& Sind Bank (the "Bank") for the Quarter & Half year ended September 30, 2020. The disclosures
relating to "Pillar 3 under Basel Ill Capital Regulation". "Leverage Ratio" and "Liquidity Coverage
Ratio", as have been disclosed on Bank's website and in respect of which a link has been provided in the
aforesaid Statements have not been reviewed by us. These Financial statements are the responsibility of
the Bank's Management and have been approved by the Board of Directors in their meeting held on
November 12, 2020. Our responsibility is to issue a report on these interim financial statements based on
our review.

2. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410 "Review
of Interim Financial Information performed by the Independent Auditors of the Entity" issued by the
Institute of Chartered Accountants of India. This standard requires that we plan and perform the review
to obtain moderate assurance as to whether the accompanying statement of unaudited financial results is
free of material misstatement. A review of interim financial results consists principally of applying
analytical procedures to financial data and making enquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit conducted in accordance with the
generally accepted auditing Standards, and consequently does not enable us to obtain assurance that we
would become aware of all significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.

3. The financial results incorporate the relevant returns of 20 branches and Treasury Branch reviewed by
us, 375 branches reviewed by concurrent auditors and un-reviewed returns of 1131 branches. These
review reports cover 78.11% of the advances portfolio of the bank excluding the advances of asset
recovery branches and outstanding food credit of the bank and 87.51 % of Gross NPA as on 30th
September 2020. Apart from these review reports and certificates, in the conduct of our review, we have
also relied upon various information and returns received from the un-reviewed branches/other offices of
the Bank.

4. Based on our review conducted as above, subject to the limitation in scope as mentioned in Para 3 above
and read with the Notes to unaudited financial results , nothing has come to our attention that causes us
to believe that the accompanying statements of unaudited interim financial results together with notes
5. We draw attention to the following notes-

a) Note no. 7 to the statement, relating to deferment of provision of Rs.483.06 crores pertaining to
certain fraud accounts identified till September 30, 2020 which is to be amortized in subsequent
quarters by the bank, in terms of RBI circular RBI/2015-16/376 DBR No.
BP.BC.92/2 l.04.048/2015-16 dated April 18, 2016.

b) Note No. 16 to the Statement, which describes the uncertainties due to outbreak of COVID-19
pandemic and the management's evaluation of its impact on the business operations of the Bank.
The extent to which the COVID-19 Pandemic will continue to impact the Bank's results will
depend on future developments, which are highly uncertain.

c) Note no. 17 to the statement, which describes the interim order by Hon'ble Supreme Court of
India directing that the accounts which were not declared as NPA till 31.08.2020 shall not be
declared as NPA till further orders. Pursuant to the said order the bank has not classified any
domestic account as NPA, which was not declared as NPA till 31.08.2020.

Our conclusion is not modified in respect of these matters.

S.MANN&CO.
Chartered Accountants
FRN: 000075N
UDIN :20080500AAAADR3250
Place: New Delhi �N• c

��j
o

f�
(Subhash Man
Partner -........�;;;:;;,s;/
M.No.080500

SURESH CHANDRA & ASSOCIATES RAJ GUPTA & CO.

Chartered Accountants Chartered Accountants
.fRN: 001359N FRN:000203N _
UDIN: 20090205AAMBA4383 UD IN: '2. os �o', "3;3MAAC..$,""llt 8
Place: New Delhi --....... Place: Ludhiana

f-A.._,Al- �
(Madhur Gupta)
Partner
M.No.090205
Partner
M.No.530433
\
(Abhisbek Gup'ta) )
Dated: November 12, 2020
Place: New Delhi
 (A Government Of India Undertaking)
(3,ffii m<liR" i:fil34sfi11) H.O. Accounts & AuditOeptt.
�3tn"mirr�.cf;!'. I st Floor, Bank House,
�<WI'.��. 21, Rajendra Place, New Delhi- 110008
21, ��.;if �-110008 Phone: 0 I l-25765519,25728987
� :011-25765519,25_728987 tit.Qtr..tt. E-mail:[email protected]
�-: [email protected]

Date: 12.11.2020

The Board of Directors

Punjab & Sind Bank
New Delhi

Dear Sir,

REG: Reviewed, Unaudited Financial Results for the Quarter (Q2)/ Six Months period ended
30.09.2020.

Certified that pursuant to Regulation 33(2) (a) of Securities and Exchange Board of India {Listing
Obligations and Disclosure Requirements) Regulations, 2015. the reviewed, unaudited financial results
of Punjab & Sind Bank, for the Quarter (Q2)/ Six Months period ended September 30, 2020, do not
contain any false or misleading statements or figures and do not omit any material fact which may make
the statements or figures contained therein misleading.

For Punjab & Sind Bank

�

\_;,v"\,vv/
(S Krishnan)
Managing Director & Chief Executive Officer
 "'��marrnu PUNJAB & SIND BANK
(A Government Of India Undertaking)
(:RT«, � cfi13qa;A) H.O. Accounts & AuditDeptt.
� 3ttt mllT �.'cf;T. I st Floor, Bank House,
�<WI'.��. 21, Rajendra Place, New Delhi- 110008
21, � q;ffi, � �-110008 Phone: 0 l I-25765519,25728987
� :011-25765519,2�728987 E-mail:[email protected]
�-: [email protected]

STATEMENT OF DEVIATION/ VARIATION IN UTILISATION OF FUNDS

Name of listed entity Punjab & Sind Bank

Mode of raising funds Public Issues/Rights Issues/Preferential
lssues/OIP /Others
Date of Raising Funds NA for 02 FY 2020-21
Amount raised NIL for Q2 FY 2020-21
Report filed for Quarter ended 301" September 2020
Monitoring Agcnct NA for Q2 FY 2020-21
I Monitoring Agenc� name, if aeelicable NA for Q2 FY 2020-21
If there is deviation / variation in the use of funds NA for Q2 FY 2020-21
raised -- --
lf yes, whether the same is pursuant to change in terms NA
of a contract or objects, which was approved by the
shareholders
If Yes, date of shareholder approval NA
Explanation for the deviation/ variation NA
Comments of the Audit Committee after review NIL
Comments of the auditors, if any NIL
Objects for which funds have been raised and where NA
there has been a deviation, in the following table
Amount of Deviation/
Modified Modified
Original Original Funds Variation for the Remarks if
Object, if allocation, if
Object Allocation Utilized quarter according to any
any any applicable object
I -
NA NA NA I NA NA NA NA
---

Fo�Bank

Place: New Delhi (Vinay �tra)

Dated: 12.11.2020 Chief Financial Officer