State-run Punjab & Sind Bank today reported more than two-fold jump in net profit at Rs 112.21 crore for the July-September quarter this year on higher income and sharp cut in provisioning even as bad loans rose.
The bank had reported a net profit of Rs 42.96 crore in the July-September quarter in year ago fiscal.
Total income of the bank rose to Rs 2,252.77 crore in the September quarter, 2014, from Rs 1,974.99 crore in the year-ago period, the bank said in a filing to the BSE.
Income from retail banking rose to Rs 523.58 crore during the quarter under review, from Rs 375.11 crore a year ago. From treasury operations, the income rose to Rs 549.80 crore in the quarter this year from Rs 451.35 crore in the year ago period.
The provisioning towards bad loans and contingencies was sharply cut to Rs 96.96 crore during Q2-FY15, from Rs 187.38 crore a year ago.
On the asset quality, the net NPA (non-performing assets) or bad loans of the bank rose to 5.08 per cent of the total advances during the quarter, up from 4.12 per cent a year ago.
Net NPAs also increased to 3.92 per cent from 2.98 per cent.
Shares of Punjab & Sind Bank closed at Rs 65.80 on the BSE today, up 12.67 per cent from previous close.
