Latest News Today – Punjab & Sind Bank Edges Lower Even After Reporting

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Punjab & Sind Bank Edges Lower After June Quarter Results

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

Share price of Punjab and Sind Bank edged lower by around two per cent on Friday, July 30, a day after the public-sector lender announced its April-June quarter results for the financial year 2021-22. On Friday, Punjab and Sind Bank opened on the BSE at Rs 20.85, inching to an intra day high of Rs 20.85 and an intra day low of Rs 19.90, throughout the trading session today. Punjab and Sind Bank reported a net profit of Rs 174 crore in the first quarter of the current fiscal, compared to a net loss of Rs 116.89 crore in the corresponding period last year.

The state-owned bank’s total income in the June quarter stood at Rs Rs 2,039.61 crore, compared to Rs 1,954.39 crore in the same quarter last year. The provisions for bad loans and contingencies declined to Rs 77.30 crore, compared to Rs 283.56 crore in the year-ago period, according to a regulatory filing by the bank to the stock exchanges. 

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

The bank’s gross non-performing assets (NPAs or bad loans) came down to 13.33 per cent of the gross advances as of June 2021, compared to 14.34 per cent a year ago, resulting in an improvement in asset quality.

On the NSE, Punjab and Sind Bank opened at Rs 20.50, registering an intra day high of Rs 20.70 and an intra day low of Rs 19.85, throughout the session today. 

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

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