Punjab & Sind Bank Q1 net profit jumps 48% to ₹269 crore on strong treasury gains
net profit
at Rs 269 crore for the first quarter of the fiscal over Rs 182 crore in the year-ago period, buoyed by a rise in
treasury gains
.
The bank's asset quality improved, with
gross non-performing assets
ratio falling to 3.34% as June 30 from 4.72% a year ago.
It made Rs 23 crore provisions to cover
loan default risk
while the bank received a provision write-back of Rs 336 crore. This led to a rise in total provisions and contingencies at Rs 217 crore, against Rs 103 crore.
by Taboola
by Taboola
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Pre-provision
operating profit
soared 70% at Rs 540 crore as compared with Rs 317 crore in the year-ago period, owing to 142% jump in non-interest income at Rs 469 crore. Treasury earnings for the quarter stood at Rs 334 crore, up 74% from Rs 192 crore seen in the corresponding period last year.
Net interest income grew a modest 6% year-on-year at Rs 900 crore.
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The bank's total advances grew 14% year-on-year to Rs 87,738 crore at the end of June. Total deposit rose 8.8% to Rs 1.21 lakh crore.
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