Punjab & Sind Bank reported a 19% rise in net profit to Rs 182 crore in the June 2024 quarter, driven by a decline in bad loans. Total income also increased, while asset quality improved.
New Delhi, Jul 26 (PTI) State-owned Punjab & Sind Bank on Friday reported a 19 per cent rise in net profit to Rs 182 crore in the June 2024 quarter, helped by a decline in bad loans.
The Delhi-based lender had earned a net profit of Rs 153 crore in the year-ago period.
During the quarter, the bank's total income increased to Rs 2,846 crore against Rs 2,494 crore a year ago, Punjab & Sind Bank said in a regulatory filing.
Interest income grew to Rs 2,652 crore during the period under review from Rs 2,316 crore 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 crore against Rs 23 crore 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 crore by issue of Basel III compliant Additional Tier I Bonds/Tier II Bonds or any combination, it said.
Besides, the company's board gave a nod for raising Rs 5,000 crore by way of issue of long term infrastructure bonds.
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