Latest News | Punjab & Sind Bank Q4 Net Profit Up 32 Pc at Rs 457 Cr

Mumbai, May 2 (PTI) State-owned Punjab & Sind Bank on Tuesday reported a 32 per cent increase in net profit to Rs 457 crore for the fourth quarter ending March 2023, helped by a decline in bad loans.

The bank's profit stood at Rs 346 crore in the January-March quarter of 2021-22.

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In a stock exchange filing, the lender said gross non-performing assets (NPA) declined to 6.97 per cent in the fourth quarter from 12.17 per cent a year ago.

Similarly, net NPAs reduced to 1.84 per cent from 2.74 per cent.

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Punjab & Sind Bank also reported its highest-ever net profit in a fiscal at Rs 1,313 crore, up 26.37 per cent annually. The net profit was Rs 1,039 crore in 2021-22.

The bank's shares closed at Rs 37.35 apiece on BSE, up 3.84 per cent.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)