Punjab and Sind Bank on Wednesday reported a 50.23 per cent dip in net profit at Rs 61.89 crore for the July-September period due to higher provisions for bad loans.
Net profit for the same quarter a year ago stood at Rs 124.37 crore.
Total income of the state-owned lender fell by 4.33 per cent to Rs 2,203.74 crore in the second quarter from Rs 2,303.69 crore over the corresponding period a year earlier, PSB said in filing to BSE.
For the quarter under review, Punjab and Sind Bank’s provision for bad loans and contingencies jumped by 93.51 per cent to Rs 225.46 crore as against Rs 116.51 crore a year ago.
Gross NPAs rose to 8.63 per cent of gross advances as on September 30, 2016, up from 4.92 per cent a year earlier. Net NPAs soared to 6.21 per cent of net loans, from 3.39 per cent year ago. The PSB scrip closed 2.06 per cent lower at Rs 49.95 apiece on the BSE.
Source: NDTV Profit