Punjab and Sind Bank Q4 net loss widens to Rs 236.30 crore
Mumbai/UNI: Public sector lender, Punjab and Sind Bank has reported a net loss of Rs 236.30 crores for the quarter ended March 31, 2020 as against net loss of Rs 58.57 crores for the period ended December 31, 2019.
Total income for the quarter under review declined marginally to Rs.2289.43 crores as compared to Rs 2304.37 crores during the period ended December 31, 2019.
During the quarter, the bank earned an operating profit of Rs 429.75 crore as against Rs 404.13 crore in the same period of the previous fiscal.
On the assets quality front, gross non-performing assets (NPAs) rose to 14.18 per cent of gross advances at the end of March 2020, as against 11.83 per cent by the same period last year.
Net NPAs also increased to 8.03 per cent as against 7.22 per cent in the year-ago period.
As a result of this, provisions for bad loans during the March quarter more than doubled to Rs 683.80 crore, compared to Rs 312.09 crore in the year-ago period.
Provision other than tax and contingencies too declined to Rs 817.83 crore from Rs 433.76 crore in the same period a year ago.
For the financial year ended March 31, 2020 bank reported a net loss of Rs 990.80 crore, as against Rs 543.48 crore in 2018-19.
Total income during the year declined to Rs 8,826.92 crore from Rs 9,386.95 crore a year earlier.
Interest Income of the bank too came down to Rs 7,929.53 crore in 2019-20 from Rs 8,558.67 crore in the preceding financial year.
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