Punjab & Sind Bank Q1 net more than doubles to Rs 43 crore

NEW DELHI: Punjab & Sind Bank ( PSB) today said its net profit for the first quarter of 2015-16 more than doubled to Rs 43.16 crore from a year ago.

The bank's net profit in the June quarter of 2014-15 stood at Rs 21.43 crore.

Higher earnings from corporate, wholesale and retail banking contributed to the profit rise.

The bank's income too rose to Rs 2,356.30 crore during the quarter under review, from Rs 2,263.29 crore in the same period a year ago, it said in a filing to BSE.

However, the bank had to keep aside Rs 216.30 crore towards provisions and coverage as against Rs 163.25 crore a year earlier.

Gross non-performing assets (NPAs), or bad loans, stood at 5.17 per cent of gross advances during the said quarter, down from 5.22 per cent a year ago.

Net NPAs rose to 3.65 per cent of net advances, from 3.87 per cent in the first quarter a year ago.

The stock closed at Rs 42.65 on BSE yesterday, down 1.73 per cent.