State-owned Punjab & Sind Bank (PSB) today reported 62.5% decline in net profit at Rs 24.03 crore for the first quarter ended June 2012, due to higher provisioning for bad loans.
The bank had a net profit of Rs 64.09 crore in the corresponding quarter of the previous fiscal.
Total income of the bank rose by 15.6% to Rs 1,844.15 crore for the first quarter compared to Rs 1,594.69 crore in the same period previous fiscal.
The interest income of the bank rose to Rs 1,758 crore during the reporting quarter from Rs 1,501 crore in the first quarter of the previous fiscal.
The Capital Adequacy Ratio, a measure of the bank's capital, was at 13.11% at the end of June, 2012.
As far as asset quality of the bank is concerned, the gross NPAs as a percentage to total advances rose to 1.73% for the entire fiscal, while net NPAs was at 1.23% at the end of first quarter.
Its deposits rose 7.67% to Rs 64,386 crore by end March, while advances jumped 10.22% to Rs 47,582 crore.
Total business of the bank rose by 8.74% to Rs 1,11,968 crore at the end of June 2012.