Punjab & Sind Bank Q1 profit rises 24% to Rs 53 cr

State-owned Punjab & Sind Bank (PSB) today reported a 23.6 per cent increase in net profit to Rs 53.3 crore for the first quarter ended June 30.
The bank had a net profit of Rs 43.1 crore in the same quarter of the previous fiscal.
However, the total income of the bank declined to Rs 2,279.11 crore during the quarter from Rs 2,356.30 crore in the same period a year ago, PSB said in a statement.
Gross non-performing assets (NPAs), or bad loans, rose to 7.23 per cent of gross advances compared to 5.17 per cent a year ago.
At the same time, net NPAs also increased to 5 per cent of net advances, from 3.65 per cent in the first quarter a year ago.

Despite increase in bad loans, the total provision of the bank declined to Rs 190.74 crore as against Rs 216.30 crore a year earlier.