Punjab & Sind Bank Q1 net down 25.36% at ₹ 153 crore

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Punjab & Sind Bank (PSB), on Saturday, reported a 25.36 per cent decline in net profit for the first quarter at ₹153 crore.

The bottomline performance was weighed down by an increase in provision for bad loans at ₹66 crore (₹27 crore). 

Also read: Punjab & Sind Bank plans to open 40 new branches this fiscal: MD & CEO Saha

Total income for the quarter under review grew 30 per cent to ₹2,494 crore. Operating profit was marginally higher at ₹257 crore (₹252 crore).

It maybe recalled that PSB had in the March 2023 quarter recorded net profit of ₹ 457 crore. 

For the entire fiscal year 2022-23, PSB had recorded a highest-ever net profit of ₹1,313 crore, up 26.37 per cent.