​Shares of Punjab & Sind Bank soared to one-month highs just as the Markets opened. Know how

Shares of Punjab & Sind Bank Ltd., a mid-sized lender, soared to one-month highs in early deals after the Government-controlled bank said its quarterly profit surged on the back of higher lending.

PSB said its first quarter net profit soared 102 percent to 43.2 crore rupees compared with 21.4 crore rupees in the same quarter a year ago. The bank's Net Interest Income jumped 31 percent to 517 crore rupees during April-June versus 395 crore rupees in the year ago period.

PSB said its Gross Non performing Assets rose to 5.17 percent of advances against 4.76 percent sequentially and its Net Non Performing Assets inched up to 3.65 percent in the first quarter compared with 3.55 percent in the fourth quarter.

PSB a rose 5.3 percent, or 2.25 rupees, to 44.95 rupees, its highest since June 3rd, on the National Stock Exchange, where 2.20 lakh shares were traded in the first half of trade compared with the 5-day average of 76,000.

PSB's market capitalisation has dipped 25 percent in the past one year to 1,800 crore rupees as investors went bearish on PSU banks owing to a slowdown in the economy and rising non performing assets in major industries such as Steel, Infrastructure and power.

Image credit: Indiatimes