Punjab and Sind Bank post Rs 301 cr net profit in Q3 versus year-ago loss
Interest margins improve; provisions & contingencies fall sharply
 "Punjab and Sind Bank post Rs 301 cr net profit in Q3 versus year-ago loss")
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Punjab & Sind Bank (P&S Bank) posted a net profit of Rs 301 crore for the third quarter ended December 2021 (Q3FY22) as against net loss of Rs 2,376 crore a year ago quarter Q3FY21.
Its net profit was Rs 218 crore in the second quarter ended September 2021 (Q2FY22).
The Delhi-based public sector lender's stock was trading at 1.15 per cent higher at Rs 17.2 per share on BSE.
The bank's Net Interest Income (NII) increased by 23.05 per cent to Rs 758 crore in Q3FY22 as against Rs 616 crore in the quarter ended December 2020 (Q3FY21). Sequentially, NII was up 22.85 per cent from Rs 617 crore in Q2FY22.
According to analysts' presentationt the net interest margins (NIMs) improved to 3.17 per cent in Q3FY22 from 2.86 per cent in Q3FY21 and 2.6 per cent in Q2FY22.
The non-interest income fell by 18.7 per cent on YoY basis to Rs 171 crore in Q3FY22 from Rs 211 crore in Q3FY21. Sequentially, it declined by 33.2 per cent from Rs 256 crore in the quarter ended September 2021.
The provisions and contingencies were down sharply to Rs 26 crore in Q3FY22 from Rs 2,915 crore in Q3FY21 and also from Rs 202 crore in Q2FY22, bank said.
Its Gross NPAs increased to 14.44 per cent in December 2021 from 13.14 per cent in the year ago period. Sequentially, they declined from 14.54 per cent in September 2021.
The Net NPAs were at 3.01 per cent in December 2021 up from 2.84 per cent at end of December 2020. Sequentially, they declined from 3.81 per cent in September 2021.
The provision coverage ratio moderated at 87.7 per cent at end of December 2021 from 87.99 per cent a year ago. Sequentially, it rose from 84.44 per cent as of September 2021.
P&S Bank’s advances increased by 3.26 per cent year on year (YOY) to Rs 66,710 crore. Its deposits increased by 7.7 per cent YOY to Rs 1,67,061crore in December 2021.
The bank's capital adequacy ratio stood at 17.82 per cent in December 2021, up from 16.39 per cent in December 2020.
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