State-run Punjab and Sind Bank on Tuesday posted a profit of Rs 98.12 crore for the March quarter despite a surge in bad loans.
Notably, the bank had posted a loss of Rs 70.24 crore during the corresponding quarter of the previous fiscal. Total income during the quarter rose to Rs.2,302.27 crore as against Rs.2,234.90 crore in the year-ago period.
Gross non-performing assets (NPAs) as a percentage of total advances surged to 6.48% from 4.76% a year ago. The bank’s net NPAs increased to 4.62% compared with 3.55% at the end of March 2015.
The bank has recommended a dividend of Rs.1.65 per unit for 2015-16. For the entire fiscal, the bank’s net profit rose threefold to Rs.336 crore compared with Rs.121 crore in the previous year.
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