For the entire 2017-18, the bank had posted a net loss of Rs 743.80 crore due to high proportion of bad loans.
State-owned Punjab & Sind Bank on Wednesday reported a net loss of Rs 398 crore in first quarter ended June as provisioning for bad loans increased significantly.
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.
For the June quarter, bank’s provisioning for bad loans (or non-performing assets) shot up to Rs 795.38 crore as against Rs 259.20 crore set aside for the same period of the fiscal ended March 2018.
However, the bank brought down the proportion of soar assets with the gross NPAs falling to 10.55 percent of gross advances as on June 30, 2018 from 11.33 percent in year ago corresponding quarter.
In value terms, gross NPAs stood at Rs 7,363.41 crore by end June this year as against Rs 6,693.36 crore. Net NPAs were 5.92 per cent (Rs 3,928.81 crore) as against 7.94 per cent (Rs 4,511.40 crore). Stock of the bank closed 1.34 percent up at Rs 30.15 on the BSE.
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