Punjab & Sind Bank loss narrows to Rs 30 cr in Q1

State-owned Punjab & Sind Bank on Wednesday reported narrowing of net loss to Rs 30 crore for the June quarter 2019 due to fall in bad loan provisions. The bank had posted a net loss of Rs 398 crore in the year-ago period, it said in a statement.

The net loss has reduced mainly due to reduction in provision for loan losses from Rs 787 crore to Rs 208 crore, it added. "Accordingly, the return on assets (ROA) has also improved from (-)1.40 per cent to (-)0.11 per cent year-on-year," the bank said.

Total income dropped to Rs 2,237.91 crore during the June quarter 2019-20 from Rs 2,336.04 crore in the same period a year ago. The bank's asset quality worsened as the gross bad loans rose to 12.88 per cent of gross advances as on June 30, 2019 from 10.55 per cent as at June-end 2018.

Net NPAs were 7.77 per cent, higher than 5.92 per cent by the year-ago same period. Stock of Punjab & Sind Bank settled at Rs 24.10, up 2.12 per cent on the BSE.

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