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Wednesday, 9 August 2017

Punjab & Sind Bank Q1 net profit rises

Punjab & Sind Bank today announced the financial results for the Quarter ended June,2017. The Bank has earned an operating profit of Rs 305.44 crore. 

Net Profit of Rs 25.37 crore for the quarter ended June,2017 as compared to Rs 8.33 crore in last quarter.

In comparison to last quarter, Net profit of the bank as on 30.06.2017 surged to Rs 25.37 crore registering a growth of 204.56%. 

Total business of the bank increased to Rs 1,46,540 crore, Deposits increased to Rs 87,464 crore registering a growth of 2.25% and gross advances stood at Rs 59,076 crore as on June,2017. 

Yield on Investments increased from 7.57% to 7.71%. Net worth of the bank improved from Rs 5046.39 crore to Rs. 5064.57 crore during the same period.

CASA improved from 22.27% as on June,2016 to 26.13% as on June,2017, increasing by 386 basis points(YoY).Retail lending increased to Rs 7509.40 crore from 6693.85 crore registering growth of 12.18%(YoY). 

Cost of deposits reduced from 7.06% to 6.04%(YoY). During the quarter ended june,2017 Net Interest Income(NII) increased from Rs 561.13 crore to Rs 565.79 crore as compared to same quarter in last year. Gross NPAs of the bank stood at Rs 6693.36 crore(11.33%) and Net NPAs stood at Rs 4511.40 crore(7.94%) as on June,2017. 

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