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 ...
