Government prolongs tenure of Punjab & Sind Bank MD Swarup Kumar Saha until February 2027.

The Narendra Modi administration announced on Monday (June 2) the extension of Swarup Kumar Saha’s tenure as Managing Director and Chief Executive Officer of Punjab & Sind Bank until February 28, 2027, or until further notice, whichever occurs first.

Saha’s existing term was scheduled to end on June 2, 2025, after he assumed the role of MD and CEO in 2022.

A notification from the Department of Financial Services confirmed the government’s decision to prolong Saha’s tenure as MD and CEO of Punjab & Sind Bank beyond his current term ending on June 2, 2025, extending it until his superannuation on February 28, 2027, or until further instructions.
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This notification follows the endorsement of the Appointments Committee of the Cabinet (ACC), led by Prime Minister Narendra Modi.

For the quarter ending March 2024, Punjab & Sind Bank reported a more than two-fold increase in net profit at ₹313 crore, compared to ₹₹139 crore in the same quarter last year.

During this quarter, the bank’s total income rose to ₹3,836 crore, up from ₹2,894 crore a year earlier. Interest income surged to ₹3,159 crore, compared to ₹2,481 crore for the fourth quarter of FY24. Additionally, Net Interest Income (NII) improved to ₹1,122 crore, up from ₹689 crore in the same period last year.

Also Read: Punjab and Sind Bank Q3 Results | Net profit soars 147% to ₹282 crore with double-digit NII growth

Shares of Punjab & Sind Bank Ltd closed at ₹33.13, reflecting an increase of ₹1.14, or 3.56%, on the BSE.