State-owned Punjab & Sind Bank on Friday, posted a 70 per cent decline in net profit to ₹139 crore for the fourth quarter ended March, 2024 on account of provisioning for bad loans.

The bank had earned a net profit of ₹457 crore a year ago.

However, the total income increased to ₹2,894 crore during the quarter under review against ₹2,652 crore in the same period last year, Punjab & Sind Bank said in a regulatory filing.

Interest income also grew to ₹2,481 crore during the period under review from ₹2,105 crore in the corresponding quarter of the preceding fiscal.

On the asset quality side, the bank's gross non-performing assets (NPAs) moderated to 5.43 per cent of gross advances as of March 31, 2024, from 6.97 per cent at the end of March, 2023.

Its net NPAs also declined to 1.63 per cent of the advances from 1.84 per cent at the end of 2023.

However, the bank made a ₹111 crore provisioning for bad loans for the quarter under review. However, there was a write-back of ₹290 crore during the same quarter a year ago.

For the financial year ended March 2024, the bank's net profit more than halved to ₹595 crore compared to ₹1,313 crore in the previous fiscal.

Its total income increased to ₹10,915 crore in FY24 against ₹8,933 crore in the preceding fiscal.

The board has recommended a dividend at ₹0.20 (2 per cent) per equity share of face value ₹10, each fully paid up for the 2023-24 subject to approval at the ensuing annual general meeting.

Capital Adequacy Ratio (CRAR) improved to 17.16 per cent over 17.10 per cent on March 31, 2023.