Punjab and Sind Bank has reported a dip in its net profit at Rs 4.43 crore in the fiscal ended March 31 this year as compared to the amount of Rs 23.04 crore in the same period in 2001-02.But the banks operating profit during the last fiscal has vaulted by 71.55 per cent at Rs 280.84 crore as against Rs 163.70 crore during last year, the bank’s Chief Managing Director Sardar Gujral said in a statement here. Clarifying the reason for the slump in net profit, Gujral said the low net profit was because of the high provisions made by the bank to clear the entire backlog of old provisions outstanding for the last many years.
