Punjab and Sind Bank’s net profit up 24 percent to Rs 373 crore

Public sector Punjab and Sind Bank’s net profit in the third quarter of the current financial year increased by 24 percent to Rs 373 crore. The profit of the bank has increased due to increase in interest income and reduction in bad loans. The bank said in a notice given to the stock market on Saturday that its profit in the same period a year ago was Rs 301 crore. The total income of the bank stood at Rs 2,245 crore in the October-December 2022 quarter as against Rs 2,042 crore in the year-ago quarter.

The bank’s interest income rose to Rs 2,107 crore during the period under review as against Rs 1,871.18 crore in the December 2021 quarter. During this period, its net interest income increased from Rs 758 crore to Rs 805 crore. The gross non-performing assets (NPAs) of the bank declined to 8.36 per cent in the last quarter as against 14.44 per cent in the same period last year. Net NPA also came down from 3.01 per cent to 2.02 per cent. However, the bank’s capital adequacy ratio declined to 15.57 per cent in the December quarter as against 17.82 per cent in the year-ago period. The total business of the bank grew by 12.08 per cent year-on-year to Rs 1,87,242 crore during the period. In the first nine months of the financial year, the net profit of Punjab and Sind Bank has increased to Rs 856 crore, while it was Rs 693 crore in the April-December 2021 period.

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