Mumbai: Syndicate Bank on Tuesday reported a net profit of Rs103.84 crore for the fourth quarter of fiscal 2016-17 compared to a loss a year ago on the back of lower provisions and higher other income.
Net profit for the quarter was Rs103.84 crore against a loss of Rs2,158.17 crore a year ago.
Net interest income (NII), or the core income a bank earns by giving loans, increased 27.30% to Rs1,861.01 crore from Rs1,461.82 crore last year. Other income increased to Rs1,125.08 crore from Rs842.28 crore in the same period last year, a rise of 33.60%.
Gross non-performing assets (NPAs) gained 3.9% to Rs17,609.31 crore at the end of the March quarter from Rs16,948.08 crore in the December quarter. On year-on-year basis, it jumped 27.3% from Rs13,832.16 crore.
Provisions and contingencies rose 61.6% to Rs1,268.20 crore in the quarter from Rs784.74 crore a quarter ago. On year-on-year basis, it dropped 47% from Rs2,382.97 crore.
As a percentage of total loans, gross NPAs dropped to 8.5% at the end of the March quarter from 8.69% in the previous quarter and 6.70% in the year-ago quarter. Net NPAs dropped to 5.21% in the March quarter from 5.63% in the previous quarter and 4.48% in the same quarter last year.
At 1.15pm, shares of Syndicate Bank gained 1.92% to Rs92.75 per share on the BSE, while the benchmark Sensex index gained 0.21% to 29,988.15 points.