State—run Punjab & Sind Bank today posted Rs 70.24—crore loss for the January—March quarter due to rise in provisions for wage revision and fall in revenue from wholesale and corporate banking.
The bank had a net profit of Rs 35.85 crore during the corresponding quarter of previous fiscal 2013—14.
Total income during the last quarter of 2014—15 fell to Rs 2,234.90 crore from Rs 2,258.05 crore in the year ago period.
Its revenue from corporate and wholesale banking fell to Rs 986.85 crore (Rs 1,199.18 crore).
“Provision of Rs 116.16 crore (aggregate provision of Rs 280.75 crore) has been made during the year toward wage revision, which will be effective from November 1, 2012,” it said in a filing to BSE.
Bank’s provisioning for bad loans increased to Rs 262.19 crore (Rs 243.20 crore).
On asset quality, bank’s gross non—performing assets (NPAs) rose to 4.76 per cent of gross advances, from 4.41 per cent a year ago.
Net NPAs were 3.55 per cent of the net loans, up from 3.36 per cent a year ago.
Shares of Punjab & Sind Bank closed 1.62 per cent lower at Rs 48.65 apiece on BSE today.