Punjab & Sind Bank Posts Strong Q1 Growth in Profit and Income

Punjab & Sind Bank, a state-owned financial institution, has announced a substantial 48% increase in its net profit for the first quarter of the current financial year, soaring to Rs 269 crore. This performance was driven by enhanced core income and a noteworthy decline in non-performing assets.

Compared to the previous fiscal year's same quarter, where the net profit stood at Rs 182 crore, the bank's total income surged to Rs 3,379 crore from Rs 2,846 crore. Interest earnings also showed an upward trend, reaching Rs 2,911 crore, significantly contributing to the profit growth.

Improvements in asset quality were evident, with gross NPAs dropping to 3.34% from 4.72%. Gross advances increased by 14%, and net NPAs fell to 0.91%. Although provisions rose to Rs 217 crore, the bank's return on assets improved by 17 bps to 0.67%, and the capital adequacy ratio strengthened to 17.9%.

(With inputs from agencies.)