Punjab & Sind Bank reported a 32.27 per cent decline in net profit for the third quarter ended December 31, 2011 at Rs 91.63 crore (Rs 135.30 crore). The bottom-line declined despite a 30 per cent increase in total income at Rs 1,754.44 crore (Rs 1,352.48 crore).
A sharp increase in provisioning — for restructured advances as well as investments — had led to sharp fall in net profits for the third quarter. However, things are looking up and the fourth quarter seems to be very promising, said Mr P. K. Anand, Executive Director of the bank.