State-owned Punjab & Sind Bank (PSB) today reported a 23.6 percent increase in net profit to Rs 53.3 crore for the first quarter ended June 30.
The bank had a net profit of Rs 43.1 crore in the same quarter of the previous fiscal.
However, the total income of the bank declined to Rs 2,279.11 crore during the quarter from Rs 2,356.30 crore in the same period a year ago, PSB said in a statement.
Gross non-performing assets (NPAs), or bad loans, rose to 7.23 percent of gross advances compared to 5.17 percent a year ago.
At the same time, net NPAs also increased to 5 percent of net advances, from 3.65 percent in the first quarter a year ago.
Despite increase in bad loans, the total provision of the bank declined to Rs 190.74 crore as against Rs 216.30 crore a year earlier.
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