Punjab & Sind Bank on Saturday reported a net profit of Rs 160.79 crore in the last quarter of the fiscal ended March 2021.

The state-run lender had posted a net loss of Rs 236.30 crore in the same quarter of the preceding fiscal year.

Sequentially, it had posted a staggering net loss of Rs 2,375.53 crore in the December quarter of FY21.

For the full year 2020-21, however, there has been a net loss of Rs 2,732.90 crore, which widened from year ago's net loss of Rs 990.80 crore, Punjab & Sind Bank said in a regulatory filing.

Total income during Q4 FY21 was down by 15.2 percent to Rs 1,940.62 crore as against Rs 2,289.43 crore in Q4 FY20.

For the full year also, total income came down by 10.7 percent to Rs 7,876.72 crore from Rs 8,826.92 crore in 2019-20.

The gross bad loans or the non-performing assets (NPAs) of the bank remained elevated at 13.76 per cent of the gross advances as of March 31, 2021. It was at 14.18 percent by end of March 2020.

In value terms, the gross NPAs stood at Rs 9,334 crore by the end of FY21 as against Rs 8,874.57 crore a year ago.

However, net NPAs almost halved to 4.04 percent (Rs 2,461.95 crore) from 8.03 per cent (Rs 4,684.15 crore).

Bank''s provisions and contingencies fell to Rs 4.38 crore in the reported quarter from Rs 817.83 crore in the year-ago period. Provisions for bad loans were down at Rs 19.93 crore in Q4 FY21 as against Rs 683.80 crore in the year-ago period.

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Free Press Journal