Punjab & Sind Bank reported a 69% decline in its net profit for the third quarter ended December 2023. Despite the drop, the bank's total income and capital adequacy ratio improved.
New Delhi, Jan 31 (PTI) State-owned Punjab & Sind Bank on Wednesday reported a 69 per cent decline in its net profit to Rs 114 crore for the third quarter ended December 2023.
The Delhi-headquartered bank had earned a net profit of Rs 373 crore in the same quarter a year ago.
Its total income increased to Rs 2,853 crore during the quarter under review against Rs 2,245 crore in the same period last year, Punjab & Sind Bank said in a regulatory filing.
The interest income rose to Rs 2,491 crore against Rs 2,107 crore in the year-ago period.
On the asset quality front, gross non-performing assets (NPAs) declined to 5.70 per cent of the gross loans by the end of December 2023 from 8.36 per cent a year ago.
Similarly, net NPAs or bad loans came down to 1.80 per cent from 2.02 per cent at the end of the third quarter of the previous fiscal.
Capital Adequacy Ratio of the bank improved to 16.13 per cent compared to 15.57 per cent at the end of December 2022.
During the quarter, the bank crossed a business mix of Rs 2 lakh crore and total business stood at Rs 2,01,914 crore as of December 31, 2023.
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