Punjab & Sind Bank profit jumps 115 pc in Q4

State-owned Punjab & Sind Bank on Thursday reported 115% jump in net profit to Rs 346.10 crore for the quarter ending March 2022 as against Rs 160.80 crore in the corresponding period of the previous financial year.

New Delhi, May 19: State-owned Punjab & Sind Bank on Thursday reported 115% jump in net profit to Rs 346.10 crore for the quarter ending March 2022 as against Rs 160.80 crore in the corresponding period of the previous financial year. The public sector lender clocked total revenue of Rs 2007.90 crore in the January-March quarter of FY22. As compared to Rs 1951.13 crore in the same period a year ago. The bank’s asset quality improved in the March quarter.

During the January-March quarter, the bank reported gross non-performing assets (NPA) of Rs 8,564.82 crore showing significant improvement compared to Rs 9,635.75 crore in previous quarter. In Q4FY21, the gross NPA was to the tune of Rs 9,334 crore. Gross NPA as percentage of gross advances stood at 12.17% in Q4FY22 as compared to 14.44% in the previous quarter (Q3). In Q4FY21, it was 13.76%. For the full financial year (2021-22), the bank reported net profit of Rs 1,039.05 crore as against net loss of Rs 2,732.90 crore in FY21. Total income during this period stood at Rs 8,055.19 crore as compared to Rs 7,877.53 crore in financial year 2020-21.

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