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Increased income from lending operations has helped Punjab and Sind Bank register an 8 per cent increase in net profit for the quarter ended December 31, 2010. Net profit for the quarter stood at Rs 135 crore as against Rs 124 crore in the corresponding quarter last year.
The bank's total income for the quarter registered a 27 per cent increase in total income for the quarter ended December 31, 2010. Total income for the quarter stood at Rs 1,352 crore as against Rs 1,058 crore in the corresponding quarter last year.
“The major income of the bank has come from lending operations. The total business crossed Rs 90,000 crore at the end of December 2010,” said Mr P. K. Anand, Executive Director of the bank.
During the quarter the bank also introduced PSB Online, its Internet banking service to cater to tech-savvy customers. The bank is also upgrading its core banking solutions coverage.
“We are upgrading the coverage of CBS. We have tied up with Wipro and hired Ernst and Young to advise us on IT-related issues,” added Mr Anand.
At close of trade, the bank's scrip on BSE was up 1.67 per cent at Rs 122.10.
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