Punjab & Sind Bank Edges Lower Even After Reporting Profit In June Quarter

On Friday, shares of Punjab and Sind Bank settled 1.72 per cent decrease at Rs 19.95 apiece on the BSE.

Share value of Punjab and Sind Bank edged decrease by round two per cent on Friday, July 30, a day after the public-sector lender introduced its April-June quarter outcomes for the monetary yr 2021-22. On Friday, Punjab and Sind Bank opened on the BSE at Rs 20.85, inching to an intra day excessive of Rs 20.85 and an intra day low of Rs 19.90, all through the buying and selling session immediately. Punjab and Sind Bank reported a internet revenue of Rs 174 crore within the first quarter of the present fiscal, in comparison with a internet lack of Rs 116.89 crore within the corresponding interval final yr.

Read also: Semiconductor Boom Is Getting Bigger Than AI

The state-owned financial institution's complete revenue within the June quarter stood at Rs Rs 2,039.61 crore, in comparison with Rs 1,954.39 crore in the identical quarter final yr. The provisions for unhealthy loans and contingencies declined to Rs 77.30 crore, in comparison with Rs 283.56 crore within the year-ago interval, based on a regulatory submitting by the financial institution to the inventory exchanges. 

Read also: Development of the Packers and Movers App

Also Read: Punjab & Sind Bank Declares Lanco Infratech's Rs 215 Crore NPA Account As Fraud

The financial institution's gross non-performing belongings (NPAs or unhealthy loans) got here down to 13.33 per cent of the gross advances as of June 2021, in comparison with 14.34 per cent a yr in the past, leading to an enchancment in asset high quality.

Read also: How Bulk Buying Changes the Economics of a Growing Business

On the NSE, Punjab and Sind Bank opened at Rs 20.50, registering an intra day excessive of Rs 20.70 and an intra day low of Rs 19.85, all through the session immediately.