Punjab and Sind Bank Q2 net profit jumps over twofold
Punjab & Sind Bank reports net profit at `112.21 crore for September quarter on higher income and sharp cut in provisioning
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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