Punjab and Sind Bank report Q1 net loss of Rs.398 crore

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With a number of banks in the country struggling to cope with bad loans and non-performing assets, it seems like Punjab and Sind Bank are in the same mix, but there’s been some improvement. With banks across the country submitting their Q1 reports to the Reserve Bank of India, Punjab and Sind Bank reported a net loss of Rs.398 crore for Q1 of FY 2018-2019, which ended at the end of June 2018.

Punjab and Sind Bank-Net Losses
Punjab and Sind Bank report Q1 net loss of Rs.398 crore

Though the numbers with regard to their net losses are staggering, Punjab and Sind Bank has made improvements in this regard as they reported a net loss of Rs.524.6 crore at the end of Q4 of FY 2017-2018. The bank also reported a profit of Rs.25.4 crore for Q4 of FY 2017-2018.

However, the bank has reported a net income of Rs.710.7 crore, which in comparison to the same quarter in the last financial year, is a 25.6% increase. On the bright side, the NPA ratio of the bank reduced from 11.19% to 10.55%, reducing from Rs.7,801.7 crore crore to Rs.7,363.4.

Source: Economic Times

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