Punjab & Sind Bank on Tuesday said its net profit for the March quarter fell 91.5% from a year ago as the bank made higher provisions due to rising bad loans and advances slowed down.
Net profit was at Rs8.33 crore against Rs98.12 crore a year ago. During the quarter, the bank took a tax write-back of Rs72.78 crore, as against tax expenses of Rs72.14 crore a year ago. Excluding this tax write-back, the bank would have reported a net loss.
Provisions surged 49.5% from a year ago to Rs399.24 crore from Rs267.12 crore. Gross non-performing assets (NPAs) rose 48.9% to Rs6,297.59 crore at the end of the March quarter from Rs4,229.05 crore a year ago. The bank reported gross NPAs of Rs5,504.50 crore a quarter ago.
As a percentage of total loans, gross NPAs stood at 10.45% at the end of the March quarter compared with 9.4% in the previous quarter and 6.48% in the year-ago quarter. Net NPAs were at 7.51% compared with 6.84% in the previous quarter and 4.62% in the same quarter last year.
Net interest income, or the core income a bank earns by giving loans, rose 7.4% to Rs568.21 crore from Rs529.29 crore in the year-ago period. Other income declined 16% to Rs147.65 crore from Rs175.66 crore in the same period last year.Deposits fell 6.26% year-on-year to Rs855.40 crore, while advances declined 8.7% to Rs583.35 crore.
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