Punjab & Sind Bank Q4 results: Net profit declines 70% year-on-year to Rs 139 crore

New Delhi: State-owned Punjab & Sind Bank on Friday reported a 70 per cent decline in net profit at Rs 139 million for the fourth quarter ended March 2024 due to provisions for bad loans. The bank recorded a net profit of 45.7 billion rupees a year ago.

However, Punjab & Sind Bank said in a regulatory filing that its total income rose to Rs 2,894 crore during the quarter under review compared to Rs 2,652 crore in the same period last year.

Interest income also increased to Rs 2,481 crore during the period under review from Rs 2,105 crore in the corresponding quarter of the previous fiscal.

In terms of asset quality, the bank’s gross non-performing assets (NPAs) have eased from 6.97% at end-March 2023 to 5.43% of total loans as on March 31, 2024.

Net NPAs also declined from 1.84% at end-2023 to 1.63% of loans. However, the bank had made provisions of Rs 111 crore for non-performing loans during the quarter under review. However, in the same quarter last year, there was a refund of 29 billion won. For the fiscal year ended March 2024, the bank’s net profit fell by more than half to Rs 59.5 billion, compared to Rs 1,313 billion in the previous fiscal. Total revenue increased to Rs 10,915 crore in FY24 compared to Rs 8,933 crore in the previous fiscal.

The board has proposed a dividend of ₹0.20 (2%) per share of face value of ₹10 for 2023-24, subject to approval at the next annual general meeting.

Capital Adequacy Ratio (CRAR) improved from 17.10% to 17.16% on March 31, 2023.