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State-owned Punjab & Sind Bank on Wednesday reported a 69 per cent decline in its net profit to Rs 114 crore for the third quarter ended December 2023.
The Delhi-headquartered bank had earned a net profit of Rs 373 crore in the same quarter a year ago.
Its total income increased to Rs 2,853 crore during the quarter under review against Rs 2,245 crore in the same period last year, Punjab & Sind Bank said in a regulatory filing.
The interest income rose to Rs 2,491 crore against Rs 2,107 crore in the year-ago period.
On the asset quality front, gross non-performing assets (NPAs) declined to 5.70 per cent of the gross loans by the end of December 2023 from 8.36 per cent a year ago.
Similarly, net NPAs or bad loans came down to 1.80 per cent from 2.02 per cent at the end of the third quarter of the previous fiscal.
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Capital Adequacy Ratio of the bank improved to 16.13 per cent compared to 15.57 per cent at the end of December 2022.
During the quarter, the bank crossed a business mix of Rs 2 lakh crore and total business stood at Rs 2,01,914 crore as of December 31, 2023.
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