Punjab and Sind Bank’s net profit down 25 percent to Rs 153 crore in Q1
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Public sector Punjab and Sind Bank on Saturday reported that its net profit for the June 2023 quarter declined by 25 per cent to Rs 153 crore. The bank said that its net profit decreased mainly due to provision for salary revision and increase in NPA.
New Delhi. Public sector Punjab and Sind Bank on Saturday reported that its net profit for the June 2023 quarter declined by 25 per cent to Rs 153 crore. The bank said that its net profit decreased mainly due to provision for salary revision and increase in NPA. The bank had reported a net profit of Rs 205 crore in the June 2022 quarter.
According to the information given to the stock market, the total income of Punjab and Sind Bank increased to Rs 2,494 crore in the first quarter of 2023-24, from Rs 1,915 crore in the same period a year ago. The bank earned interest income of Rs 2,316 crore during the period under review, as against Rs 1,800 crore in the same period a year ago.
Swaroop Kumar Saha, managing director of Punjab and Sind Bank, said that a provision of Rs 57 crore has been made for salary revision and Rs 450 crore for fresh NPAs, due to which there has been a decrease in net profit.
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