New Delhi : Punjab & Sind Bank (PSB) said its net profit for the first quarter of 2015-16 more than doubled to Rs 43.16 crore from a year ago. Jatinderbir Singh, IAS, CMD, Punjab & Sind Bank announced the financial results for the Quarter. The bank’s net profit in the June quarter of 2014-15 stood at Rs 21.43 crore. Higher earnings from corporate, wholesale and retail banking contributed to the profit rise.
The bank’s income too rose to Rs 2,356.30 crore during the quarter under review, from Rs 2,263.29 crore in the same period a year ago, it said in a filing to BSE. However, the bank had to keep aside Rs 216.30 crore towards provisions and coverage as against Rs 163.25 crore a year earlier.
Gross non-performing assets (NPAs), or bad loans, stood at 5.17 per cent of gross advances during the said quarter, down from 5.22 per cent a year ago.
Net NPAs rose to 3.65 per cent of net advances, from 3.87 per cent in the first quarter a year ago. The Bank has earned an Operating Profit of Rs.274.09 crore registering a growth of 38.72% (YoY).
Jatinderbir Singh stated that the Bank is making all out efforts in the financial inclusion drive of GOI and to make PMJJBY, PMSBY and APY schemes a grand success.
As per Basel III norms, Punjab & Sind Bank’s capital adequacy ratio stoodat 10.43% as on Jun 30.
On Friday, shares of Punjab & Sind Bank closed at 42.70 rupees, down1.3%, on the National Stock Exchange.
