Punjab & Sind Bank on Saturday said its net loss in December quarter 2020-21 spiralled to Rs 2,375.53 crore on higher provisions for bad loans.
The lender had posted a net loss of Rs 255.49 crore in the same period a year ago. In September quarter also, the bank had a loss of Rs 401.27 crore.
Total income in the quarter under review also fell to Rs 1,982.52 crore from Rs 2,077.01 crore in the same period of 2019-20, Punjab & Sind Bank said in a regulatory filing.
Net income fell 9.1 per cent to Rs 1,763.10 crore and income on investments was down 12.1 per cent to Rs 455.42 crore.
The bank's gross non-performing assets (NPAs) remained high at 13.14 per cent of the gross advances as of December 31, 2020, compared to 13.58 per cent by the year-ago same period.
In value terms, gross NPAs or bad loans stood at Rs 8,489.89 crore by the end of December 2020 as against Rs 8,923.49 crore earlier.
Net NPAs came down significantly at 2.84 per cent (Rs 1,638.25 crore) as against 8.71 per cent (Rs 5,417.79 crore). Provisions for bad loans and contingenices spiked to Rs 2,924.69 crore during the quarter, as against Rs 494.30 crore. Of this, provisions for bad loans were Rs 1482.17 crore, which was higher than Rs 464.01 crore a year ago.