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Punjab and Sind Bank Q1 loss at Rs 398 crore

MUMBAI: Public sector lender Punjab and Sind Bank reported lower losses during the quarter ended 30 June on the back of an increased income from interest.

The New Delhi-based bank reported a net loss of Rs 398 crore, as compared to Rs 524.6 crore in the preceding quarter. In had reported a profit of Rs 25.4 crore during the corresponding quarter last year.

Net interest income, which is the income earned on lending less the interest paid on deposits, stood at Rs 710.7 crore, a 25.6% increase y-o-y.

The quality of assets changed for the better with gross non-performing assets (NPAs), or total bad loans, reducing to Rs 7363.4 crore against Rs 7801.7 crore in the preceding quarter. The gross NPA ratio went down to 10.55% from 11.19%.

This is the second lowest NPA among PSU banks after Vijaya Bank, as per data given by the Finance Ministry to the Parliament.

The bank set aside a total amount of Rs 1025 crore as provisions, of which Rs 795 crore were for NPAs.

Deposits saw a marginal dip of 2% to go a shade below Rs 1 lakh crore while advances remained stable at Rs 66 thousand crore.

Punjab and Sind Bank shares increased by almost 2% to close at Rs 30.3 on BSE on Wednesday.

Original Article

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