Punjab & Sind Bank (PSB), a public sector bank, on Saturday reported a 27.5 per cent increase in net profit for the second quarter ended September 30, 2022, at ₹278 crore (₹218 crore).
The latest bottomline was also higher than the net profit of ₹205 crore in the June 2022 quarter.
Total income for the quarter under review grew 7 per cent to ₹2,120 crore (₹1,975 crore), latest regulatory filing by the bank with the stock exchanges showed.
Operating profit grew 5.64 per cent to ₹318 crore (₹301 crore). In June 2022 quarter, operating profit was ₹252 crore.
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For the six months ended September 30, 2022, PSB recorded a net profit of ₹483 crore, up 23 per cent over net profit of ₹392 crore recorded in same period last year.
PSB’s Gross Non-Performing Assets (NPA) declined to 9.67 per cent of gross advances as of end September 2022 from a level of 14.54 per cent in end September last year.
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In value terms, gross NPA as of end September 2022 stood at ₹7,129 crore (₹9,823 crore). Net NPA declined to 2.24 per cent from 3.81 per cent in the second quarter last year.
It maybe recalled that PSB had in 2021-22 staged a turnaround and came into black with a net profit of ₹1,039 crore.