On Thursday, Punjab & Sind Bank had reported an over two-fold jump in net profit at Rs 346 crore for the quarter ended March 2022, which helps to decline in bad loans.

The state-owned lender had posted a net profit of Rs 160.79 crore in the same quarter of the preceding fiscal year.

Total income during the quarter increased to Rs 2,007.90 crore as against Rs 1,940.62 crore in Q4 FY21, the bank said in a statement.

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Gross bad loans or non-performing assets (NPAs) of the bank came down to 12.17 per cent of gross advances as of March 31, 2022, from 13.76 per cent by end of March 2021.

In value terms, gross NPAs declined to Rs 8,565 crore by the end of FY22 as against Rs 9,334 crore a year ago.

Net NPAs almost halved to 2.74 per cent (Rs 1,742.27 crore) from 4.04 per cent (Rs 2,461.95 crore) a year ago.