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Home STOCKS Punjab & Sind Bank Q1 net loss widens to Rs 117 crore...

Punjab & Sind Bank Q1 net loss widens to Rs 117 crore on mounting terrible financial loans

Point out-owned Punjab & Sind Bank (PSB) on Friday claimed its internet loss widened to Rs 116.89 crore in the 1st quarter ended June 30, primarily owing to mounting lousy loans.
The city-headquartered lender experienced reported a internet loss of Rs 30.28 crore during the exact same quarter a yr ago. Sequentially, it had registered a internet loss of Rs 236.30 crore in the fourth quarter final fiscal.
The full profits of the bank also fell to Rs 1,954.39 crore in April-June, as in opposition to Rs 2,237.91 crore in exact same interval of 2019-20, the bank said in a regulatory filing.
Interest revenue declined to Rs 1,800.02 crore from Rs 2,070.94 crore.
The bank”s gross non-undertaking assets (NPAs), as a percentage of gross improvements as on June 30, 2020 swelled to 14.34 for every cent as towards 12.88 per cent a year ago.
But in value phrases, the gross NPAs or poor loans had been down at Rs 8,848.06 crore as versus Rs 8,885.86 crore.
Net NPAs, on the other hand, were down at 7.57 for every cent (Rs 4,326.41 crore), as versus 7.77 for each cent (Rs 5,062.36 crore).
The bank”s provisions for lousy loans and contingencies for June quarter of FY21 were being raised to Rs 382.56 crore from Rs 334.53 crore.
However, the provision designed only for terrible financial loans stood at Rs 330.80 crore in the to start with quarter this fiscal, as in opposition to Rs 211.13 crore in the yr-in the past period.
“Bank has reported in one particular bank loan account in the road assignments under borrowal fraud group to RBI all through quarter 4 of monetary year 2019-20 involving total of Rs 38.19 crore remarkable as on December 31, 2019. The account was previously underneath NPA category considering that October 31, 2016 and provision of Rs 15.27 crore was held till December 2019,” it stated.
The bank reported it has produced a provision of Rs 26.73 crore until June 30, 2020 in opposition to this account, and balance of Rs 11.46 crore has been deferred to be presented in up coming the two quarters of 2020-21.
With regard to Delhi Airport Metro Convey Pvt Ltd (DAMEPL) account, it mentioned in terms of the Supreme Court docket order and RBI tips, the bank has kept DAMEPL as typical account.
Adhering to the order, the bank has not dealt with an volume of Rs 147.07 crore as NPA, but designed the vital provisions of Rs 36.77 crore to the similar.
The bank”s provision coverage ratio and liquidity coverage ratio as on June 30, 2020 stood at 69.20 per cent and 220.80 for every cent, respectively.
On COVID-19 connected moratorium provisions, the bank has built provision of Rs 100 crore as per the RBI recommendations, which is more than minimal, it mentioned.
PSB shares closed flat at Rs 13.32 apiece on the BSE.

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