Punjab & Sind Bank posts net loss of Rs 109.23 crore
State-owned Punjab & Sind Bank Tuesday reported a net loss of Rs 109.23 crore in the second quarter ended September 30, on higher bad loans provisioning.
It had posted a net profit of Rs 13.70 crore in the corresponding quarter of the previous financial year, the bank said in a regulatory filing.
However, the lender reduced its losses when compared sequentially against Rs 398 crore in the first quarter ended June of the current fiscal.
Its total income increased to Rs 2,409.41 crore during the quarter, against Rs 2,166.64 crore a year ago.
The bank's provisioning for bad loans or non-performing assets (NPAs) rose to Rs 400.90 crore for the quarter, from Rs 277.36 crore in the year-ago period.
The overall provisioning and contingencies during the period were up at Rs 593.73 crore from Rs 294.83 crore a year ago, the bank said.
On asset front, gross NPAs showed improvement at 10.02 per cent of the gross loans, against 11.25 per cent at the end of September 2017.
Net NPAs were 5.25 per cent of the net advances, down from 7.72 per cent a year ago.
In value terms, the bank's gross NPAs stood at Rs 7,202.17 crore by the end of September, against Rs 6,821.51 crore by September 2017. Net NPAs stood at Rs 3,583.37 crore, compared with Rs 4,501.94 crore.
The provision coverage ratio and liquidity coverage ratio were 64.79 per cent and 144.31 per cent, respectively, the bank said.
Shares of the lender closed 0.17 per cent lower at Rs 28.80 on the BSE.
(With inputs from agencies.)