Punjab & Sind Bank net rises on fee income

State-run lender Punjab & Sind Bank on Saturday posted a 13 per cent increase in net profit at Rs 147.8 crore for the quarter ended March. Its net profit in the year-ago period stood at Rs 130.2 crore.

Total income rose 23 per cent to Rs 1,831.56 crore during January-March 2011-12, compared with Rs 1,485.5 crore in the corresponding quarter of 2010-11.

“The rise in profit during fourth quarter was largely driven by increase in fee-based income and rise in loans,” said Chairman and Managing Director D P Singh.

However, for the year ended March 31, the net profit fell 14.2 per cent to Rs 451.28 crore from Rs 526.1 crore in the previous financial year. Total income, on the other hand, increased to Rs 6,891.96 crore from Rs 5,369.5 crore in 2010-11.

The bank’s net interest margin declined to 2.41 per cent, compared with 2.92 per cent in the previous year.