Punjab & Sind Bank Q2 Profit Surges 26% to Rs 240 cr

New Delhi, Oct 19 (PTI) State-owned Punjab & Sind Bank on Saturday reported a 26 per cent rise in net profit to Rs 240 crore in the September quarter on the back of reduction in bad loans.

The lender had recorded a net profit of Rs 189 crore in the same quarter a year ago.

Total income increased to Rs 3,098 crore during the quarter under review from Rs 2,674 crore a year earlier, Punjab & Sind Bank said in a regulatory filing.

The bank earned an interest income of Rs 2,739 crore during the quarter, compared to Rs 2,406 crore in the same period a year ago.

Return on asset of the bank improved to 0.65 per cent at the end of September 2024 as against 0.52 per cent at the end of the second quarter of the previous financial year.

Asset quality of the bank improved with gross non-performing assets declining to 4.21 per cent of the gross loans by the end of September 2024 from 6.23 per cent a year ago.

Similarly, net NPAs, or bad loans, eased to 1.46 per cent from 1.88 per cent at the end of the second quarter of the previous fiscal year.

The provision coverage ratio rose to 88.56 per cent from 88.54 per cent at the end of September 2023.

Capital adequacy ratio stood at 16.89 per cent with Tier-I capital ratio of 14.55 per cent at the end of the September quarter.