Net NPAs too came down marginally at 6.16 per cent from 6.28%
Net NPAs too came down marginally at 6.16 per cent from 6.28%

Syndicate Bank's Q4 profit at 128 crore

  • The public sector lender posted a loss of 2,195.12 crore during January-March quarter of 2017-18
  • Interest income was at 5,610.26 crore during the period, as against 5,357.24 crore a year ago

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.

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