Punjab & Sind Bank’s net profit increased 32 per cent year on year (YoY) to Rs 457 crore in the January-March quarter (Q4), while interest income increased 17 per cent to Rs 2,105 crore.
According to the bank’s exchange statement on Tuesday, sequential net profit increased by 23 per cent from Rs 373 crore reported in the October-December quarter.
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The asset quality of public sector banks improved, with Gross Non-performing Assets (GNPAs) as a percentage of gross advances falling to 6.97 per cent from 12.17 per cent a year before. Net NPAs were 1.84 percent, down from 2.74 percent a year ago.
The bank’s operational profit increased by 69 per cent to Rs 536 crore in the March quarter (Q4), compared to Rs 317 crore in the previous fiscal year for the same period.
In Q4, the bank’s recovery increased by 109 per cent year on year to Rs 1,153 crore, while its slippage ratio decreased by 13 basis points to 0.63.
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