Punjab & Sind Bank net rises five-fold to R121.7 crore

Written by fe Bureau | New Delhi | Updated: Jul 31 2013, 05:40am hrs
Public sector Punjab and Sind Bank (PSB) has registered a five-fold increase in its net profit at R121.7 crore in the April-June quarter this fiscal from R24 crore during the same period last fiscal as it booked a much higher treasury profit.

The banks total income during Q1 went up to R2,000 crore from R1,844 crore in the same quarter last year.

PSB CMD DP Singh said in a statement that the banks growth in total business would rise 25% this fiscal, while its net profit would witness a 40-50% growth.

The lenders treasury profit shot up to R64 crore in Q1 from R12 crore in the same period last fiscal, while its net interest margin slightly increased to 2.12% from 2% as on June last year.