NEW DELHI: Syndicate Bank on Friday reported a profit of ₹128.02 crore for the March quarter of 2018-19 financial year on a modest rise in core income and slight improvement in bad loan ratio.
The public sector lender posted a loss of ₹2,195.12 crore during January-March quarter of 2017-18.
During December quarter of the previous fiscal, the bank logged a profit of ₹107.99 crore.
Total income during the quarter under review was at ₹6,345.22 crore as compared to ₹6,046 crore in the same period a year ago, the lender said in a regulatory filing.
Interest income was at ₹5,610.26 crore during the period, as against ₹5,357.24 crore a year ago.
For entire 2018-19, the bank reported a net loss of ₹2,524.20 crore. In the previous fiscal, the loss stood at ₹3,111.69 crore.
Total income for the fiscal gone by was down at ₹24,012.75 crore from ₹24,691.28 crore in 2017-18.
The bank's gross non-performing assets (NPAs) were 11.37% of the gross advances by end of fiscal 2018-19, as against 11.53% at end-March 2018.
Net NPAs too came down marginally at 6.16 per cent from 6.28%.
Provisions for bad loans were pruned to ₹831.22 crore for the March quarter 2018-19 from ₹3,544.68 crore parked aside in the year-ago period.
Syndicate Bank said it has restructured 4,340 MSME accounts and treated them as standard assets amounting to ₹137.87 crore during the quarter, as per RBI directive, and maintained provision at 5.25% amounting to ₹7.24 crore.
The provision coverage ratio as on March 31, 2019 stood at 66.43%.
Syndicate Bank stock closed 3.55 per cent higher at ₹37.90 on BSE.