Punjab & Sind Bank Q2 Results: Profit down 32% to Rs 189 crore

Punjab & Sind Bank Q2 Results: Public sector lender Punjab & Sind Bank reported a 32 per cent decline in net profit to Rs 189 crore in the September quarter. The bank had reported a profit of Rs 278 crore in the year-ago period.

Total income of the bank during the July-September period rose to Rs 2,674 crore against Rs 2,120 crore in the corresponding period of FY23, Punjab & Sind Bank said in a regulatory filing.

The bank's gross Non-Performing Assets (NPAs) declined to 6.23 per cent of the gross advances at the end of September from 9.67 per cent in the same period last year.

In value terms, gross NPAs (bad loans) of the Delhi-headquartered bank stood at Rs 5,106 crore by the end of the second quarter of the current fiscal, as against Rs 7,128 crore in the year-ago period.

Net NPAs also came down to 1.88 per cent from 2.24 per cent in the second quarter of the last fiscal.

Capital adequacy of the bank improved further to 17.23 per cent as against 15.68 per cent at the quarter, the filing said.

During the quarter, the provision coverage ratio declined to 88.54 per cent as against 89.16 per cent a year ago, it added.