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Punjab & Sind Bank Q2 Results: Net profit rises 27% to Rs 278 crore

New Delhi, Public sector lender Punjab & on Saturday mentioned its internet revenue rose 27 per cent to Rs 278 crore within the second quarter of FY23 on the again of discount in unhealthy loans. The bank had reported a revenue of Rs 218 crore within the year-ago interval.

Complete revenue of the financial institution in the course of 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, Punjab & Sind Financial institution 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 12 months in the past.

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

Web NPAs additionally got here right down to 2.24 per cent from 3.81 per cent within the second quarter of earlier 12 months.

In consequence, the financial institution’s provisions for unhealthy loans and contingencies declined to Rs 125 crore for the quarter, from Rs 203 crore a 12 months in the past.

Of this, provisions for unhealthy loans eased considerably to Rs 63 crore as towards Rs 678 crore in the identical quarter a 12 months in the past.

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

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