State-owned Punjab & Sind Bank on Friday (July 26) reported an 18.9% year-on-year (YoY) increase in net profit at ₹181.5 crore for the first quarter that ended June 30, 2024. In the corresponding quarter, Punjab & Sind Bank posted a net profit of ₹152.7 crore, the bank said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 15.3%, coming at ₹850.1 crore against ₹737.6 crore in the corresponding quarter of FY24.

The gross non-performing asset (GNPA) stood at 4.72% in the March quarter against 5.43% in the December quarter. Net NPA came at 1.59% against 1.63% quarter-on-quarter.

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Punjab & Sind Bank’s total business grew by 7.10%, reaching ₹2,08,331 crore, while total deposits increased by 5.59%, with retail term deposits showing a robust growth of 10.15%. Total advances saw a rise of 9.24%, and RAM (Retail, Agriculture, and MSME) advances experienced a healthy growth of 15.69%.

Retail advances surged by 22.99%, and MSME advances grew by 13.63%. The percentage of RAM advances to gross advances improved by 292 basis points, from 49.57% to 52.49%. The bank’s operating profit increased by 23.35%, and net profit rose by 18.95%.

Additionally, the gross NPA ratio improved by 208 basis points, and the net NPA ratio improved by 36 basis points. The CD ratio of the bank also improved by 244 basis points, from 70.32% to 72.76%.

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The results came after the close of the market hours. Shares of Punjab & Sind Bank ended at ₹68.46, up by ₹4.14, or 6.44% on the BSE.