Syndicate Bank posts Rs 263 cr net loss for Q1

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Bengaluru, Aug 7 (IANS) State-run Syndicate Bank on Monday reported a Rs 263 crore net loss for the first quarter of 2017-18 as against Rs 79 crore net profit in the like period year ago and Rs 104 crore net profit in the last quarter of 2016-17.

“Our net profit has turned negative due to higher provisioning for the quarter under review, which shot up 79 per cent annually to Rs 1,386 crore from Rs 774 crore in the same period year ago,” Bank Managing Director Melwyn Rego told reporters here.

Provisioning for the gross non-performing assets (NPAs) also increased 16 per cent sequentially from Rs 1,193 crore last quarter.

Operating profit, however, increased 27 per cent annually to Rs 980 crore from Rs 774 crore but declined 35 per cent sequentially from Rs 1,514 crore.

Total income for Q1 also declined 3.8 per cent annually to Rs 6,172 crore from Rs 6,419 crore and 11 per cent sequentially from Rs 6,913 crore.

Gross NPA grew 31 per cent annually to Rs 20,184 crore from Rs 15,434 crore and 15 per cent sequentially from Rs 17,609 crore.

Similarly, net NPA grew 21.3 per cent to Rs 12,188 crore from Rs 10,051 crore over last year and 17 per cent from Rs 10,411 crore last quarter.

Gross NPA ratio stood at 9.96 per cent and net NPA ratio at 6.27 per cent.

“Our net interest income grew 8 per cent annually to Rs 1,601 crore from Rs 1,479 crore year ago and non-interest income 24 per cent annually to Rs 687 crore from Rs 555 crore year ago,” said Rego, who is also the bank’s Chief Executive.

The bank’s total business in Q1 increased to Rs 475,313 crore from Rs 468,764 crore last year, while deposits rose to Rs 272,578 crore from Rs 263,915 crore and advances declined to Rs 202,735 crore from Rs 204,849 crore last year.

–IANS

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