Punjab & Sind Bank Q2 net profit rises 27% to ₹278 crore


Public sector lender Punjab & Sind Bank on Saturday said its net profit rose 27 per cent to 278 crore in the September quarter on the back of reduction in bad loans.This is against a net profit of 218 crore in the year-ago period.

The  total income during the September quarter rose by 7 percent to 2,120.17 crore as against 1,974.78 crore in the corresponding period of FY22, Punjab & Sind Bank said in a regulatory filing.

The bank’s gross non-performing assets (NPAs) declined to 9.67 per cent of the gross advances at the end of September 2022 from 14.54 per cent during the same period a year ago.

In value terms, the gross NPAs (bad loans) of the Delhi-headquartered bank stood at 7,128.45 crore by the end of September quarter, as against 9,822.80 crore in the corresponding quarter last fiscal.

Net NPAs also came down to 2.24 per cent from 3.81 per cent in the second quarter of previous year.

As a result, the bank’s provisions for bad loans and contingencies declined to 125 crore for the quarter, from 203 crore a year ago.

Of this, provisions for bad loans eased significantly to 63 crore as against 678 crore in the same quarter a year ago.

During the quarter, the Provision Coverage Ratio (PCR) improved further to 89.16 per cent as against 84.44 per cent in September 2021. 

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