Punjab & Sind Bank suffer 62.5 % profit decline

Higher provisioning for bad loans pulled Punjab & Sind Bank'snet profit by 62.5 percent at Rs 24.03 crore for the first quarter ended June 2012.

The bank had a net profit of Rs 64.09 crore in the corresponding quarter of the previous fiscal.

Total income of the bank rose by 15.6 per cent to Rs 1,844.15 crore for the first quarter compared to Rs 1,594.69 crore in the same period previous fiscal.

The interest income of the bank rose to Rs 1,758 crore during the reporting quarter from Rs 1,501 crore in the first quarter of the previous fiscal.

The Capital Adequacy Ratio was at 13.11 per cent at the end of June, 2012.

As far as asset quality of the bank is concerned, the gross NPAs as a percentage to total advances rose to 1.73 per cent for the entire fiscal, while net NPAs was at 1.23 per cent at the end of first quarter.

Its deposits rose 7.67 per cent to Rs 64,386 crore by end March, while advances jumped 10.22 per cent to Rs 47,582 crore.

Total business of the bank rose by 8.74 per cent to Rs 1,11,968 crore at the end of June 2012.

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