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Punjab & Sind Bank (PSB) today said its net profit for the first quarter of 2015-16 more than doubled to Rs 43.16 crore from Rs 21.43 crore in the same period a year ago.
Higher earnings from corporate, wholesale and retail banking contributed to the profit rise.
The bank’s income too rose to Rs 2,356.30 crore during the quarter under review from Rs 2,263.29 crore in the same period a year ago, it said in a filing to BSE.
However, the bank had to keep aside Rs 216.30 crore towards provisions and coverage against Rs 163.25 crore a year earlier.
Gross non-performing assets (NPAs) or bad loans stood at 5.17 per cent of gross advances during the quarter, down from 5.22 per cent a year-ago.
Net NPAs rose to 3.65 per cent of net advances from 3.87 per cent.
The stock had yesterday closed at Rs 42.65 on the BSE, down 1.73 per cent.
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