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Category :
Company
Headline :
Punj. & Sind Ban Q1 net profit up 18.88% at Rs 181.50 cr
Date:
26/07/2024 19:10
The bank reported standalone net profit of Rs 181.50 crore for the quarter ended June 30, 2024 as compared to Rs 152.67 crore in the same period last year, registering a year-on-yearÿgrowthÿof 18.88 per cent.
Interest income of the bank rose by 14.53 per cent at Rs 2652.27 crore for the quarter ended June 30, 2024 as against Rs 2315.79 crore in the corresponding period last year.
During the April-June quarter, total income rose moderately by 14.10 per cent to Rs 2,846.02 crore from Rs 2,494.37 crore in the year ago period.
Meanwhile, operating expenses increased by 13.07 per cent to Rs 2,529.42 crore from Rs 2,237.03 crore in the same period last year.
Operating profit surged 23.03 per cent to Rs 316.60 crore from Rs. 257.34 crore.
Provisions and Contingencies surged by 347.53 per cent at Rs 103.38 crore from Rs 23.10 crore a year ago.
NII, the difference between interest earned on loans and interest paid on deposits, increased by 15.25 per cent at Rs 850.03 crore versus Rs 737.56 crore in the year ago period. Non-interest income rose 8.49 per cent year-on-year to Rs 193.75 crore.
On the asset side, gross non- performing assets (NPAs)ÿfellÿto 4.72 per cent of the gross advances as at the end of June 30, 2024 from a level of 6.80 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 1.59 per cent of net advances on June 30, 2024 from 1.95 per cent a year ago.
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