Punjab & Sind Bank Q2 profit up 26% to Rs 240 crore

New Delhi: State-owned Punjab & Sind Bank on Saturday reported a 26 percent rise in net profit to Rs 240 crore in the September quarter on the back of reduction in bad loans.

The lender had recorded a net profit of Rs 189 crore in the same quarter a year ago.

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Total income increased to Rs 3,098 crore during the quarter under review from Rs 2,674 crore a year earlier, Punjab & Sind Bank said in a regulatory filing.

The bank earned an interest income of Rs 2,739 crore during the quarter, compared to Rs 2,406 crore in the same period a year ago.

Return on asset of the bank improved to 0.65 percent at the end of September 2024 as against 0.52 percent at the end of the second quarter of the previous financial year.

Asset quality of the bank improved with gross non-performing assets declining to 4.21 percent of the gross loans by the end of September 2024 from 6.23 percent a year ago.

Similarly, net NPAs, or bad loans, eased to 1.46 percent from 1.88 percent at the end of the second quarter of the previous fiscal year.

The provision coverage ratio rose to 88.56 percent from 88.54 percent at the end of September 2023.

Capital adequacy ratio stood at 16.89 percent with Tier-I capital ratio of 14.55 percent at the end of the September quarter.

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