Punjab & Sind Bank net profit falls 62.5%

State-owned Punjab & Sind Bank on Saturday reported a 62.5 per cent decline in net profit at Rs 24.03 crore for the quarter ended June, owing to high provisioning for bad loans. The bank had reported a net profit of Rs 64.09 crore in the corresponding quarter of the previous year.

Total income rose 15.6 per cent to Rs 1,844.15 crore, compared with Rs 1,594.69 crore in the year-ago period. The bank's interest income rose to Rs 1,758 crore from Rs 1,501 crore in the first quarter of the previous year. The bank's capital adequacy ratio stood at 13.11 per cent.

Net non-performing assets stood at 1.23 per cent at the end of the quarter. The bank's deposits rose 7.67 per cent to Rs 64,386 crore at the end of March, while advances rose 10.22 per cent to Rs 47,582 crore. Total business of the bank rose 8.74 per cent to Rs 1,11,968 crore at the end of June.