Punjab & Sind Bank on Monday reported a 63.3 per cent drop in net profit to Rs 42.96 crore for the July-September quarter on account of a rise in provisions against bad loans.
The public sector bank had posted a net profit of Rs 117.07 crore for the same period of the last financial year. Provisions and contingencies during the quarter rose nearly three-fold to Rs 187.38 crore as compared to Rs 64.82 crore in the same quarter a year ago.
The total income increased to Rs 1,980.38 crore, from Rs 1,885.75 crore in the year-ago period, Punjab & Sind Bank said in a statement.
Even operating profit fell to Rs 172.04 crore in the September quarter, as against Rs 202.49 crore in the same period of the previous financial year.
During the first half of the current financial year, the bank's net profit rose by 16.7 per cent to Rs 164.67 crore, as against Rs 141.10 crore in H1, 2012-13. Total income rose to Rs 3,980.53 crore in the first six months of this financial year from Rs 3,729.90 crore in the year-ago period.
