Active Stocks
Thu Mar 28 2024 14:29:24
  1. Tata Steel share price
  2. 156.40 2.32%
  1. ITC share price
  2. 432.80 1.12%
  1. HDFC Bank share price
  2. 1,456.05 1.07%
  1. Power Grid Corporation Of India share price
  2. 278.85 2.88%
  1. State Bank Of India share price
  2. 758.30 3.30%
Business News/ Companies / Syndicate Bank Q1 profit down 74% at Rs79 crore
BackBack

Syndicate Bank Q1 profit down 74% at Rs79 crore

The first quarter numbers, however, were an improvement from the Rs2,158 crore loss that Syndicate Bank reported in the January-March period

The bank’s gross non-performing asset (NPA) ratio during the first quarter rose to 7.53%, as compared with 6.7% in the January-March period. Photo: Pradeep Gaur/MintPremium
The bank’s gross non-performing asset (NPA) ratio during the first quarter rose to 7.53%, as compared with 6.7% in the January-March period. Photo: Pradeep Gaur/Mint

Mumbai: State-owned Syndicate Bank on Thursday said net profit in the June quarter fell 74% from a year ago, as it set aside more money against soured loans.

Provisions rose to 673.5 crore, up 40% from a year ago, while net profit fell to 79 crore from 302 crore in the same period.

The first quarter numbers, however, were an improvement from the 2,158 crore loss that the bank reported in the January-March period. While announcing the loss last quarter, the bank had blamed an exceptional item worth 882.64 crore, over and above the total provisions worth 2,411.83 during the quarter. The exceptional item was due to a fraud that the bank reported during the March quarter.

The bank’s gross non-performing asset (NPA) ratio during the first quarter rose to 7.53%, as compared with 6.7% in the January-March period. As an absolute number, gross NPAs in the period were 15,434.26 crore, up 11.6% from the fourth quarter of the last financial year.

Net NPA ratio during the first quarter rose 56 basis points (bps) on a quarter-on-quarter basis to 5.04%.

Net interest income (NII), or the difference between the interest earned on loans and that paid on deposits, rose 4.74% year-on-year to 1,412 crore. The bank’s non-interest income rose to 554.5 crore, up 10.7% from 500.77 crore a year ago.

Syndicate Bank’s net interest margin during the quarter remained at 2.22%, as compared with 2.21% last year.

Total advances as on 30 June stood at 2.05 lakh crore, almost unchanged from 2.02 lakh crore a year ago. Total deposits fell 2% year-on-year to 2.64 lakh crore.

On Thursday, Syndicate Bank stock closed at 76.65 on the BSE, up 1.32% from its previous close.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 28 Jul 2016, 07:09 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie