Punjab and Sind Bank on Saturday, August 5, reported a 25.37 per cent decline in its net profit to Rs 153 crore for the April-June 2023 quarter, compared with the Rs 205 crore reported a year ago. The state-owned bank’s asset quality, however, improved, with its gross NPA declining to 6.8 per cent of the total advances, from 11.34 per cent a year ago.
On a year-on-year basis also, there is a significant decline in the net profit of 66 per cent from Rs 456.99 crore recorded in the quarter ended March 2023.
The bank on Saturday also announced that it will enter the mutual fund business, and the partner for that is expected to be finalised by September. Punjab and Sind Bank’s MD Swarup Kumar Saha said the business is likely to be started from Q3.
Punjab & Sindh Bank’s interest income rose 28 per cent to Rs 2,315.7 crore during Q1FY24 from Rs 1,800.4 crore a year ago. Sequentially, the interest earnings rose 10 per cent from Rs 2,104.9 during the quarter ending March 2023.
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