Punjab & Sind Bank shares zoomed 12.2 per cent in Thursday's trade on BSE, logging an intraday high at Rs 52 per share. The buying in the stock sparked after the public sector lender reported a more than two-fold jump in its net profit to Rs 282 crore in the December 2024 quarter as bad loans declined.
Around 11:00 AM, Punjab & Sind Bank share price was up 8.21 per cent at Rs 50.11 per share on BSE. In comparison, the BSE Sensex was up 0.28 per cent at 76,935.54. The market capitalisation of the company stood at Rs 33,963.49 crore. The 52-week high of the stock was at Rs 77.5 per share and the 52-week low was at Rs 40.87 per share.
Punjab & Sind Bank released its Q3FY25 results on Wednesday, after market hours. The bank reported a 147 per cent increase in net profit for the quarter ended December 31, 2024, at Rs 282 crore as compared to Rs 114 crore a year ago.
The public sector bank's total income rose 14.5 per cent to Rs 3,269 crore during the quarter under review as compared to Rs 2,853 crore a year ago.The interest income also rose to Rs 2,931 crore compared to Rs 2,491 crore in the year-ago period.
On the asset quality front, gross non-performing assets (NPAs) declined to 3.83 per cent of the gross loans by the end of December 2024 from 5.70 per cent a year ago. Similarly, net NPAs or bad loans came down to 1.25 per cent from 1.80 per cent at the end of the third quarter of the previous fiscal.
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The Provision Coverage Ratio (including Technically Written Off) as at December 31, 2024, works out to 89.53 per cent against 88.16 per cent at the end of December 31, 2023. Capital Adequacy Ratio of the bank moderated to 15.95 per cent compared to 16.13 per cent at the end of December 2023.
During the quarter, the bank raised Rs 3,000 crore by way of issuance of Long Term Infrastructure Bonds on a private placement basis.
In the past one year, Punjab & Sind shares have gained 3.9 per cent against Sensex's rise of 5 per cent.