Punjab & Sind Bank Q1 Results: Net profit declines 25% YoY to ₹152.6 crore; asset quality improves

  • Punjab & Sind Bank Q1 Results: The asset quality of the bank improved as both GNPA and NNPA declined during the quarter

Devesh Kumar
Published5 Aug 2023, 03:08 PM IST
Punjab & Sind Bank Q1 Results
Punjab & Sind Bank Q1 Results

Punjab & Singh Bank on Saturday announced their Q1 results and posted a 25% year-on-year decline in their net profits. The profit after tax (PAT) of the bank dropped to 152.6 crore from 204.7 crore during the corresponding quarter previous fiscal. The asset quality of the bank improved as both Gross Non-Performing Assets and Net Non-Performing Assets declined during the April-June quarter.

Sequentially, there is a significant decline in the net profit of the bank as it plunged 66% from 456.99 crore during the quarter ending March 2023.

Also Read: Bank of Baroda Q1FY24 net profit jumps 87.7% YoY, NPA dips over 40%

Punjab & Sindh Bank's earnings from interest jumped 28% to 2,315.7 crore during Q1FY24 from 1,800.4 crore during the quarter ending June 2023. Sequentially, the interest earnings rose 10% from 2,104.9 during the quarter ending March 2023.

Asset Quality

The Gross Non-Performing Assets (GNPA) of the Punjab & Sindh Bank declined from 11.3% during Q1FY23 to 6.8% during Q1FY24. Similar improvement was also recorded in Net Non-Performing Assets (NNPA) which plunged to 1.95% during Q1 compared to 2.56% during the corresponding quarter previous fiscal.

During the Q1FY24, the Debt to Equity ratio of Punjab & Sindh Bank was at 0.28 while the operating margin declined to 10.3% as against 13.15% during the corresponding quarter last fiscal. The net profit margin of the bank also slipped from 10.6% to 6.1% during the quarter ending June 2023.

The Earning Per Share (EPS) of the bank stood at 0.23 (both basic and diluted) during the quarter ending June 2023.

 

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First Published:5 Aug 2023, 03:08 PM IST
HomeCompaniesCompany ResultsPunjab & Sind Bank Q1 Results: Net profit declines 25% YoY to ₹152.6 crore; asset quality improves

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