Punjab Sindh Bank Q4 net loss of Rs 525 crore as NPA provision rises

punjab and sindh bank

punjab and sindh bank

Punjab Sindh Bank Q4 net loss of Rs 525 crore as NPA provision rises

State-run Punjab and Sind Bank today reported a net loss of Rs 524.62 crore for the last quarter of 2017-18 due to a significant rise in provisioning for bad assets. The bank had posted  profit of Rs 8.33 crore in the same period of 2016-17. The bank had suffered a net loss of Rs 258.25 crore in third quarter ending December. Income remained almost flat at Rs 2,122.05 crore in the quarter against Rs 2,110.11 crore in the same period of last year. The provisioning for bad loans increased to Rs 738.36 crore for the quarter as against Rs 464.51 crore in the same quarter of the previous fiscal, according to a regulatory filing by the bank. For the full 2017-18 fiscal, the bank reported a loss of Rs 743.80 crore against a net profit of Rs 201.08 crore in the fiscal ended March 2017. Income for the year fell to Rs 8,529.95 crore from Rs 8,750.97 crore a year ago. The NPA provisioning increased to Rs 1,722.43 crore from Rs 1,106.33 crore in the year ago fiscal. The bank said the board of directors at its meeting held today has not recommended any dividend for the financial year 2017-18. Bank’s gross non-performing assets (NPAs) or bad loans surged to 11.19 per cent of the gross loans as on March 31, 2018 from 10.45 per cent as on March 31, 2017. In value terms, gross NPAs stood at Rs 7,801.65 crore against Rs 6,297.59 crore. Net NPAs were down at 6.93 per cent (Rs 4,607.87 crore) from 7.51 per cent (Rs 4,375.08 crore). The lender said it was required to make additional provisions in case of six borrowal accounts covered under the Insolvency and Bankruptcy Code (IBC).

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