Punjab & Sind Bank Q1 net profit rises 19 pc to Rs 182 cr | Company Results
Punjab & Sind Bank Q1 net profit rises 19 pc to Rs 182 cr | Company Results
 "Punjab & Sind Bank")
Interest income grew to Rs 2,652 cr during the period under review from Rs 2,316 cr in the corresponding quarter a year ago | Photo: Shutterstock
State-owned Punjab & Sind Bank on Friday reported a 19 per cent rise in net profit to Rs 182 cr in the June 2024 quarter, helped by a decline in bad loans.
The Delhi-based lender had earned a net profit of Rs 153 cr in the year-ago period.
During the quarter, the bank’s total income increased to Rs 2,846 cr against Rs 2,494 cr a year ago, Punjab & Sind Bank said in a regulatory filing.
Interest income grew to Rs 2,652 cr during the period under review from Rs 2,316 cr in the corresponding quarter a year ago.
The bank’s asset quality improved with Gross Non-Performing Assets (NPAs) declining to 4.72 per cent of gross advances as of June 30, 2024, against 6.80 per cent by the end of the April-June quarter in FY23.
Net NPAs also declined to 1.59 per cent of the advances from 1.95 per cent at June-end FY24.
Provisions for bad loans rose to Rs 103 cr against Rs 23 cr earmarked a year ago.
The bank’s Capital Adequacy Ratio also improved to 17.30 per cent compared to 17.19 per cent on June 30, 2023.
The board also approved to raise funds of Rs 3,000 cr by issue of Basel III compliant Additional Tier I Bonds/Tier II Bonds or any combination, it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 26 2024 | 6:40 PM IST
