Read more about BoB posts Q4 net loss of Rs 1,047 cr due to rise in tax provisions on Business Standard. Excluding the impact of change in tax regime, the bank would have reported profit after tax of Rs 2,267 crore in Q4FY21
Punjab & Sind Bank shares jump nearly 7% on Q4 profit
PTI
New Delhi |
Updated on
May 24, 2021
In Q4FY21, the state-run bank turned in a profit following eight consecutive quarters of losses
Shares of Punjab & Sind Bank on Monday jumped nearly 7 per cent as the company turned profitable in the fourth quarter of FY21 after eight consecutive quarters of losses. The stock rallied 6.60 per cent to ₹21.80 on the BSE. On the NSE, it jumped 6 per cent to ₹21.80. The state-run bank turned profitable in the fourth quarter of FY21 after eight consecutive quarters of losses, posting a profit after tax of ₹161 crore on the back of improvement in recoveries and decline in bad loans.
May 24, 2021
Samuel Joseph J, Deputy Managing Director, IDBI Bank×
We’ve utilised the prompt corrective action period to change our business mix and strengthening of balance sheet.
During the four years that IDBI Bank was under prompt corrective action (PCA), it transformed itself from a predominantly corporate bank to a retail bank. And the Bank, which exited PCA on March 10, 2021, would like to keep it that way, according to Samuel Joseph J, Deputy Managing Director. In an interaction with
BusinessLine, he emphasised that it had aggressively accelerated provisioning, over and above the regulatory requirement, in the past to strengthen its balance sheet. So, write back to profits in the next two to three years, whenever the recovery from stressed assets happens, will be about ₹7,500 crore. Excerpts:
Read more about HFCs loan book to grow 8-10% in FY22, stress levels to stay elevated: Icra on Business Standard. While HFCs are expected to regain their profitability and growth trajectory in FY22, rising Covid-19 infections and localised lockdowns remain a concern area