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Punjab & Sind Bank Q2 profit up 27% to Rs 278 cr on reduction in bad loans

Public sector lender on Saturday mentioned its web revenue rose 27 per cent to Rs 278 crore within the second quarter of FY23 on the again of discount in dangerous loans.

The financial institution had reported a revenue of Rs 218 crore within the year-ago interval.

Complete earnings of the financial institution throughout the July-September quarter of FY23 rose to Rs 2,120.17 crore towards Rs 1,974.78 crore within the corresponding interval of FY22, mentioned in a regulatory submitting.

The financial institution’s gross non-performing belongings (NPAs) declined to 9.67 per cent of the gross advances on the finish of September 2022 from 14.54 per cent throughout the identical interval a yr in the past.

In worth phrases, the gross NPAs (dangerous loans) of the Delhi-headquartered financial institution stood at Rs 7,128.45 crore by the tip of Q2FY23, as towards Rs 9,822.80 crore in Q2FY22.

Web NPAs additionally got here all the way down to 2.24 per cent from 3.81 per cent within the second quarter of earlier yr.

Consequently, the financial institution’s provisions for dangerous loans and contingencies declined to Rs 125 crore for the quarter, from Rs 203 crore a yr in the past.

Of this, provisions for dangerous loans eased considerably to Rs 63 crore as towards Rs 678 crore in the identical quarter a yr in the past.

In the course of the quarter, the Provision Protection Ratio (PCR) improved additional to 89.16 per cent as towards 84.44 per cent in September 2021.

(Solely the headline and film of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

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