Punjab & Sind Bank Q3 profit up 24% to Rs 373 cr on rising interest income
State-owned Punjab & Sind Bank on Saturday reported a 24 per cent jump in profit at Rs 373 crore for the quarter ended December 2022, aided by healthy growth in interest income and decline in bad loans.
The bank had posted a net profit of Rs 301 crore in the same quarter a year ago.
Total income increased to Rs 2,245 crore in the December quarter from Rs 2,042 crore in the year-ago period, the bank said in a regulatory filing.
The bank's interest income increased to Rs 2,107.44 crore from Rs 1,871.18 crore in the third quarter a year ago while Net Interest Income (NII) improved to Rs 805 crore from Rs 758 crore in October-December quarter of the previous fiscal.
Net Interest Margin (NIM) stood at 3.12 per cent at the end of December 2022.
On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 8.36 per cent as compared to 14.44 per cent at the end of third quarter of previous fiscal.
Net NPAs also eased to 2.02 per cent as