Punjab and Sind Bank on Tuesday reported a 32% year-on-year increase in its net profit for the fourth quarter of the previous fiscal despite a marginal decline in the net interest income. The lender reported a net profit of Rs 456.99 crore for the quarter ended March 31, 2023, registering a 22.4% increase on a sequential basis.
For the full fiscal 2022-23, the net profit grew 26.39% to Rs 1,313 crore, from Rs 1,039 crore in 2021-22. In a statement, the bank said this was the highest-ever net profit.
The net interest income declined by 1.87% to Rs 684 crore for the quarter under review, compared with Rs 697 crore in the corresponding period last fiscal. Non-interest income, however, shot up by 154.42% on a year-on-year basis to Rs 547 crore.
The asset quality improved. Gross non-performing assets fell to 6.94% from 12.17% a year ago. Net non-performing assets eased to 1.84% for the reporting quarter, from 2.74% in the year-ago period.
The board recommended a dividend of Rs 0.48 per equity share (i.e. 4.80%) of face value of Rs 10 each for 2022-23, subject to the approval at the annual general meeting.
