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Punjab & Sind Bank Q4 profit drops 70% to ₹139 cr
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Punjab & Sind Bank’s total income increased to ₹2,894 crore during the quarter under review against ₹2,652 crore in the same period last year, as reported by PTI.
State-owned Punjab & Sind Bank on Friday posted a 70% decline in net profit to ₹139 crore for the fourth quarter ended March 2024 on account of provisioning for bad loans.
The bank had earned a net profit of ₹457 crore a year ago.
However, the total income increased to ₹2,894 crore during the quarter under review against ₹2,652 crore in the same period last year, Punjab & Sind Bank said in a regulatory filing.
Interest income also grew to ₹2,481 crore during the period under review from ₹2,105 crore in the corresponding quarter of the preceding fiscal.
On the asset quality side, the bank’s gross non-performing assets (NPAs) moderated to 5.43% of gross advances as of March 31, 2024, from 6.97% at the end of March 2023.
Its net NPAs also declined to 1.63% of the advances from 1.84% at the end of 2023.
However, the bank made a ₹111 crore provisioning for bad loans for the quarter under review. However, there was a write-back of ₹290 crore during the same quarter a year ago.
For the financial year ended March 2024, the bank’s net profit more than halved to ₹595 crore compared to ₹1,313 crore in the previous fiscal.
Its total income increased to ₹10,915 crore in FY24 against ₹8,933 crore in the preceding fiscal.
The board has recommended a dividend at ₹0.20 (2%) per equity share of face value ₹10 each fully paid up for the 2023-24 subject to approval at the ensuing annual general meeting.
Capital Adequacy Ratio (CRAR) improved to 17.16% over 17.10% on March 31, 2023.
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