Punjab & Sind Bank's Profit Soars Amid Decline in Bad Loans

Punjab & Sind Bank reported a net profit of Rs 282 crore for the December 2024 quarter, marking a significant increase from the previous year, alongside a decline in bad loans. The bank's income also rose, and it raised Rs 3,000 crore through long-term bonds.

Punjab & Sind Bank, a state-owned financial institution based in Delhi, has announced a substantial increase in net profit, totaling Rs 282 crore for the December 2024 quarter. This represents a more than two-fold rise compared to Rs 114 crore in the same period last year, attributed to a decline in bad loans.

The bank's total income surged to Rs 3,269 crore, up from Rs 2,853 crore year-on-year. Interest income also saw an upswing, reaching Rs 2,931 crore compared to Rs 2,491 crore a year ago, as detailed in a regulatory filing provided by Punjab & Sind Bank.

Accompanying the financial growth, the bank's asset quality improved with gross non-performing assets declining to 3.83% by December 2024 from 5.70% the previous year. In the same timeframe, net non-performing assets decreased to 1.25% from 1.80%. Additionally, the bank successfully raised Rs 3,000 crore through infrastructure bonds, further bolstering its financial position.

(With inputs from agencies.)