State-owned Punjab & Sind Bank (PSB) today reported 83 per cent decline in net profit at Rs 21.23 crore for the first quarter ended June due to rise in provisions.
The bank had earned net profit of Rs 121.71 crore in the April-June quarter of 2013-14, PSB said in a statement.
During the quarter, the provision and contingencies of bank rose to Rs 163.25 from Rs 38.26 crore.
The total income of the bank rose to Rs 2,263.29 crore in the April-June quarter from Rs 1,994.76 crore in the same period last year.
As of June 30, 2014, the portfolio quality of the smallest public sector bank deteriorated, with gross non-performing assets (NPAs) rising to 5.22 per cent of gross advances as against 3.45 per cent in the same quarter of the previous fiscal.
It's net non-performing assets also rose to 3.87 per cent from 2.47 per cent in the review period.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.70 per cent.
