State-owned Punjab & Sind Bank today reported a rise of 10.2 percent in net profit at Rs 77.51 crore for the third quarter ended December 2016, on lower provisioning for bad assets.
The bank had registered a net profit of Rs 70.32 crore in the corresponding October-December period of previous fiscal. Total income of the bank, however, fell to Rs 2,158.01 crore during the quarter under review from Rs 2,260.56 crore a year ago, the bank said in a regulatory filing.
On assets front, bank's gross non-performing assets (NPAs) were higher at 9.40 percent of the gross advances for the quarter, against 5.29 percent a year ago.
While, net NPAs increased to 6.84 percent from 3.71 percent year earlier. In absolute terms, the gross NPAs stood at Rs 5,504.50 crore for the quarter, against Rs 3,434.14 crore. Net NPAs were at Rs 3,893.25 crore from Rs 2,364.96 crore.
Bank's provisioning for bad loans stood at Rs 206.92 crore for December quarter against Rs 109.22 crore a year ago. As on December 31, 2016, the government's shareholding in the bank stood at 79.62 percent.
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