New Delhi: State-run Punjab and Sind Bank on Tuesday reported more than a twofold jump in net profit at 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 42.96 crore in the July-September quarter in year ago fiscal.

Total income of the bank rose to 2,252.77 crore in the September quarter 2014-15, from 1,974.99 crore in the year-ago period, the bank said in a filing to the BSE.

Income from retail banking rose to 523.58 crore during the quarter under review, from 375.11 crore a year ago. From treasury operations, the income rose to 549.80 crore in the quarter this year from 451.35 crore in the year ago period.

The provisioning towards bad loans and contingencies was sharply cut to 96.96 crore during Q2-FY15, from 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% of the total advances during the quarter, up from 4.12% a year ago. Net NPAs also increased to 3.92% from 2.98%.

Shares of Punjab & Sind Bank closed at 65.80 on the BSE on Tuesday, up 12.67% from previous close.

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