Punjab & Sind Bank net profit up 11% at Rs 124 crore

Public sector lender Punjab & Sind Bank today reported 10.8 per cent rise in net profit at Rs 124.37 crore during the second quarter ended September 2015.
The bank had registered a net profit of Rs 112.21 crore during the corresponding July-September period of 2014-15.
Total income of the bank increased to Rs 2,303.69 crore during the quarter under review of current fiscal 2015-16, from Rs 2,252.77 crore earned a year ago.
The bank also trimmed its bad loans or non-performing assets (NPAs) as the gross bad loans were at 4.92 per cent of gross advances as of September 2015, from 5.08 per cent in the year-ago period.

Net NPAs stood at 3.39 per cent of net loans during the second quarter, down from 3.92 per cent a year ago.
Provisioning for bad loans and contingencies were raised to Rs 116.51 crore for the reported quarter, up from Rs 96.96 crore reserved by the bank in the year ago period.