Punjab & Sind Bank Q1 net loss narrows to ₹30 cr1 min read . Updated: 07 Aug 2019, 06:23 PM IST
- Provisions during the quarter decreased 67.37% to ₹334.5 crore
- The net NPA ratio was at 7.77% as against 7.22% in the January-March quarter
Mumbai: Punjab & Sind Bank on Wednesday said its first quarter net loss narrowed on the back of lower provisioning and higher other income.
The bank posted a net loss of ₹30 crore for the three months ended 30 June compared to a loss of ₹398 crore in the year-ago period.
Provisions during the quarter decreased 67.37% to ₹334.5 crore as against ₹1,025 crore in the year-ago quarter. In the January-March quarter, the bank had set aside ₹433.76 crore in provisions.
Other income, which includes core fee income, increased 10.39% to ₹167 crore in the quarter as compared to ₹151.25 crore a year ago.
Net interest income, or the difference between interest earned on loans and that paid on deposits, decreased 20.14% to ₹567.59 crore from ₹710.73 crore in the corresponding period last year.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 12.88% in the June quarter compared with 11.83% in the March quarter and 10.55% in the year-ago June quarter.
Post-provision, the net NPA ratio was at 7.77% as against 7.22% in the January-March quarter and 5.92% in the year-ago quarter.
On Wednesday, shares of the bank on BSE gained 0.64% to close at ₹23.75 apiece