State-owned Punjab & Sind Bank on Saturday reported a 26% rise in net profit to Rs 240 crore in the September quarter on the back of a reduction in bad loans.
The lender had recorded a net profit of Rs 189 crore in the same quarter a year ago.
Total income increased to Rs 3,098 crore during the quarter under review from Rs 2,674 crore a year earlier, Punjab & Sind Bank said in a regulatory filing.
The bank earned an interest income of Rs 2,739 crore during the quarter, compared to Rs 2,406 crore in the same period a year ago.
Return-on-asset of the bank improved to 0.65% at the end of September 2024, as against 0.52% at the end of the second quarter of the previous financial year.
Asset quality of the bank improved, with gross non-performing assets declining to 4.21% of the gross loans by the end of September 2024 from 6.23% a year ago.
Similarly, net NPAs, or bad loans, eased to 1.46% from 1.88% at the end of the second quarter of the previous fiscal year.
The provision coverage ratio rose to 88.56% from 88.54% at the end of September 2023.
Capital adequacy ratio stood at 16.895 with Tier-I capital ratio of 14.55% at the end of the September quarter.
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