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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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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
