Punjab & Sind Bank (PSB) on Friday said its net loss widened to Rs 116.89 crore in the first quarter ended June 30, mainly due to mounting bad loans.
The city-headquartered lender had reported a net loss of Rs 30.28 crore during the same quarter a year ago. Sequentially, it had registered a net loss of Rs 236.30 crore in the fourth quarter last fiscal.
The total income of the bank also fell to Rs 1,954.39 crore in April-June, as against Rs 2,237.91 crore in same period of 2019-20, the bank said in a regulatory filing.
Interest income declined to Rs 1,800.02 crore from Rs 2,070.94 crore.
The lender witnessed deterioration in its asset quality as the gross non-performing assets (NPAs) swelled to 14.34 per cent of the gross advances as on June 30, 2020, compared to 12.88 per cent a year ago.
In absolute value terms, the gross NPAs or bad loans were at Rs 8,848.06 crore, compared to Rs 8,885.86 crore.Net NPAs, however, were down at 7.57 per cent (Rs 4,326.41 crore), as against 7.77 per cent (Rs 5,062.36 crore).
The bank''s provisions for bad loans and contingencies for June quarter of FY21 were raised to Rs 382.56 crore from Rs 334.53 crore.The bank''s provision coverage ratio and liquidity coverage ratio as on June 30, 2020 stood at 69.20 per cent and 220.80 per cent, respectively.
On COVID-19 related moratorium provisions, the bank has made provision of Rs 100 crore as per the RBI guidelines, which is more than minimum, it said.
.jpeg)
No comments:
Post a Comment