State-owned Punjab & Sind Bank Ltd on Wednesday (January 15) reported a 146.72% year-on-year (YoY) jump in net profit at ₹282 crore for the third quarter that ended December 31, 2024. In the corresponding quarter of the previous fiscal, Punjab & Sind Bank posted a net profit of ₹114.3 crore, the bank said in a regulatory filing.
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Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 27%, coming at ₹938.7 crore against ₹739.2 crore in the corresponding quarter of FY24.
Gross non-performing assets (NPA) stood at 3.83% in the December quarter against 4.21% in the September quarter. Net NPA came at 1.25% against 1.46% quarter-on-quarter (QoQ). Provisions stood at ₹109.3 crore against ₹150.6 crore sequentially and ₹96.3 crore (YoY).
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Yesterday, the government approved a fundraising plan of ₹10,000 crore for five state-run lenders through a qualified institutional placement (QIP), sources with knowledge of the matter told CNBC-TV18.
Other than Bank of Maharashtra, four other lenders, Punjab & Sind Bank, Indian Overseas Bank, UCO Bank and Central Bank of India have received approval to raise funds, sources said. These lenders may raise funds in small tranches starting the fourth quarter of financial year 2025, the sources said.
The government holds a 79.6% stake in Bank of Maharashtra, while it owns 98.25% in Punjab & Sind Bank, 96.38% in Indian Overseas Bank, 95.39% stake in UCO Bank and a 93.08% stake in Central Bank of India at the end of the December quarter, as per the latest shareholding pattern on BSE.
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The results came after the close of the market hours. Shares of Punjab & Sind Bank Ltd ended at ₹46.29, down by ₹1.42, or 2.98%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Jan 15, 2025 7:00 PM IST
