Photo: Bloomberg
Photo: Bloomberg

Punjab and Sind Bank posts Q4 profit of Rs98 crore

Total income during the quarter rose to Rs2,302.27 crore as against Rs2,234.90 crore in the year-ago period

New Delhi: State-run Punjab and Sind Bank on Tuesday reported a profit of 98.12 crore for the March quarter despite increase in bad loans.

The bank had posted a loss of 70.24 crore during the corresponding quarter of the previous fiscal.

Total income during the quarter rose to 2,302.27 crore as against 2,234.90 crore in the year-ago period.

Gross non-performing assets (NPAs) as a percentage of total advances surged to 6.48% from 4.76% a year ago.

The bank’s net NPAs increased to 4.62% compared with 3.55% at the end of March 2015.

The bank has recommended a dividend of 1.65 per unit for 2015-16. For the entire fiscal, the bank’s net profit rose threefold to 336 crore compared with 121 crore in the previous year.

However, net interest margin improved to 2.22% from 1.80% while net interest income increased to 2,176 crore from 1,679 crore, recording a growth of 29.57%.

For the full fiscal, total income increased to 9,222.82 crore from 9,017.30 crore.

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