Punjab & Sind Bank reports Q1 net profit at Rs 174 crore

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Punjab & Sind Bank on Thursday reported a net profit of Rs 173.85 crore for the first quarter ended June 30. The bank had posted a net loss of Rs 116.89 crore a year ago. Sequentially, it had registered a net profit of Rs 160.79 crore in the March 2021 quarter.

The total income of the bank during Q1FY22 rose to Rs 2,039.61 crore from Rs 1,954.39 crore in Q1FY21, Punjab & Sind Bank said in a regulatory filing.

Provisions for bad loans and contingencies for the quarter fell to Rs 77.30 crore from Rs 382.56 crore in the year-ago period. The bank’s asset quality showed an improvement and the gross non-performing assets (NPAs or bad loans) came down to 13.33% of the gross advances as of June 30, 2021, against 14.34% a year ago.

In absolute value, the net NPAs stood at Rs 9,054.96 crore, up from Rs 8,848.06 crore. The net NPAs ratio fell to 3.61% (Rs 2,206.70 crore), from 7.57% (Rs 4,326.41 crore).