Punjab & Sind Bank on Wednesday reported a net loss of Rs 398 crore in first quarter ended June.
It had reported a net profit of Rs 25.37 crore in the same period a year ago. In the preceding quarter ended March 2018, it had a net loss of Rs 524.62 crore, a dip in losses when compared sequentially.
For the entire 2017-18, the bank had posted a net loss of Rs 743.80 crore due to high proportion of bad loans.
The bank in a regulatory filing said that the total income in April-June period of 2018-19 stood at Rs 2,336 crore, higher than Rs 2,062.57 crore in the same period of 2017-18.
The quality of assets changed for the better with gross non-performing assets (NPAs), or total bad loans, reducing to Rs 7363.4 crore against Rs 7801.7 crore in the preceding quarter. The gross NPA ratio went down to 10.55% from 11.19% .
-PTC News