Punjab & Sind Bank Q4 Net Profit Up 32% At Rs 457 Crore

State-owned Punjab & Sind Bank on Tuesday reported a 32 per cent increase in net profit to Rs 457 crore for the fourth quarter ending March 2023, helped by a decline in bad loans.

The bank's profit stood at Rs 346 crore in the January-March quarter of 2021-22.

In a stock exchange filing, the lender said gross non-performing assets (NPA) declined to 6.97 per cent in the fourth quarter from 12.17 per cent a year ago.

Similarly, net NPAs reduced to 1.84 per cent from 2.74 per cent.

Punjab & Sind Bank also reported its highest-ever net profit in a fiscal at Rs 1,313 crore, up 26.37 per cent annually. The net profit was Rs 1,039 crore in 2021-22. 

The bank's shares closed at Rs 37.35 apiece on BSE, up 3.84 per cent.