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Last Updated : May 24, 2019 07:33 PM IST | Source: PTI

Punjab & Sind Bank Q4 net loss narrows to Rs 58 cr on lower NPA provisioning

The asset quality of the bank witnessed worsening, as the gross non-performing assets (NPAs) rose to 11.83 per cent of gross advances at the end of March 2019 as against 11.19 per cent a year ago.

 
 
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State-owned Punjab & Sind Bank May 24 said it has narrowed its net loss to Rs 58.57 crore in the March 2019 quarter, aided by lower provisioning. The bank had posted a loss of Rs 524.62 crore in the corresponding quarter of the previous financial year. However, there was a net profit of Rs 22.34 crore in the preceding quarter ended December 2018.

Its total income in the quarter rose to Rs 2,304.37 crore, from Rs 2,337.13 crore in the year-ago period.

The asset quality of the bank witnessed worsening, as the gross non-performing assets (NPAs) rose to 11.83 per cent of gross advances at the end of March 2019 as against 11.19 per cent a year ago.

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The net NPAs stood at 7.22 per cent, higher than 6.93 per cent at the end of March 2018.

In absolute terms, the gross NPAs were Rs 8,605.87 crore by the end of 2018-19, while it was at Rs 7,801.65 crore a year ago. Net NPAs were at Rs 4,994.23 crore as against Rs 4,607.87 crore.

Provisions for bad loans stood at Rs 312.09 crore for the March 2019 quarter, compared with Rs 768.36 crore in the year-ago period.

The bank said it was able to arrest yearly loss to Rs 543 crore against Rs 744 crore in 2017-18 due to improved operating profit and over 42 per cent growth in non-interest income.

Return on assets has also improved to (-) 0.47 per cent in 2018-19, compared with (-) 0.69 per cent of previous year, it said in a release.

Provision coverage ratio has improved to 59.46 per cent at the end of March from 54.41 per cent a year ago, it added.

Shares of the bank closed 8.39 per cent higher to Rs 29.70 on BSE.

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First Published on May 24, 2019 07:32 pm
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