The public sector lender said it has declared bad asset IL&FS Tamil Nadu Power Company, with dues of over Rs 148 crore, as a fraud account and reported it to the Reserve Bank of India.
Punjab & Sind Bank said that it has already made provisions amounting to Rs 59.54 crore, as per prescribed prudential norms.Meanwhile, the bank's board will meet on 17 February 2022 to consider allotting equity shares worth upto Rs 4600 crore to the Government of India by way of preferential issue of equity shares.
Punjab & Sind Bank reported net profit of Rs 300.82 crore in Q3 December 2021 as against net loss of Rs 2375.53 crore in Q3 December 2020. Total income rose 3.46% to Rs 2,042.03 crore in Q3 December 2021 over Q3 December 2020.
Punjab & Sind Bank is a public sector bank. The Government of India held 97.07% stake in the bank.
Shares of Punjab & Sind Bank were up 1.88% at Rs 16.25 on the BSE.
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