PSB Q1: standalone PAT up 23% YoY to ₹332 Cr on lower provisions; GNPA down to 2.21%

Punjab & Sind Bank's Q1 FY27 standalone net profit rose 23.2% YoY to ₹331.5 Cr (₹269.2 Cr a year ago), with total income up 2.3% to ₹3,545.7 Cr. The headline profit growth is asset-quality-led rather than income-led: operating profit before provisions was essentially flat at ₹545.5 Cr (₹540.1 Cr YoY), and the entire PBT jump (₹451.5 Cr vs ₹323.0 Cr, +39.8%) came from a ₹123 Cr fall in provisions & contingencies to ₹94.0 Cr from ₹217.4 Cr. Higher tax (₹120.0 Cr vs ₹53.9 Cr) then trimmed the PAT gain to 23%. Underneath, the core franchise did the heavy lifting on the interest line while non-interest income dragged. Net interest income grew ~15.4% YoY to ₹1,038.7 Cr on strong loan growth — gross advances up ~19.5%/₹1,19,440 Cr and total business +15.33% to ₹2,66,574 Cr — but other income fell 29% YoY to ₹332.4 Cr, which is why operating profit stalled despite the NII strength. Asset quality improved markedly: gross NPA fell to 2.21% from 3.34% a year ago (2.40% in Q4), net NPA to 0.65%, PCR to 92.33%, and annualised ROA edged up to 0.73% from 0.67%. Sequentially, PAT is down 21% from Q4 FY26's ₹421.8 Cr, but that comparison is distorted — Q4 carried a ₹73 Cr provision write-back (provisions were negative ₹73.2 Cr) that inflated the base; this quarter provisions turned positive. Against management's April-2026 concall guidance (FY27 advances +16-18%, deposits +13-14%, GNPA below 2%), the print is broadly on track: advances growth beat the guide, deposits at +12.16% (₹1,47,134 Cr) ran slightly light, and GNPA at 2.21% is heading toward — but not yet below — the sub-2% target. The board also declared results alongside a July-21 record date for the FY26 final dividend, and the bank flagged a fresh IFSCA licence for its GIFT City unit. No brokerage consensus PAT estimate is on record for this thinly-covered PSU bank, and management issued no formal Q1 guidance.