 "The scale will make the merged banks efficient, help them expand credit, introduce new products and bring down the cost of money for customers")
State-owned Punjab & Sind Bank (PSB) on Friday said its net loss widened to Rs 116.89 crore in the first quarter ended June 30, mainly due to mounting bad loans.
The city-headquartered lender had reported a net loss of Rs 30.28 crore during the same quarter a year ago. Sequentially, it had registered a net loss of Rs 236.30 crore in the fourth quarter last fiscal.
The total income of the bank also fell to Rs 1,954.39 crore in April-June, as against Rs 2,237.91 crore in same period of 2019-20, the bank said in a regulatory filing.
Interest income declined
