Syndicate Bank Posts Net Loss Of Rs 263 Crore In April-June Quarter
Manipal-based Syndicate Bank reported a net loss in the April-June period, a first since the last quarter of fiscal year 2016.
The lender posted a net loss of Rs 263 crore for the June-quarter, compared to a Rs 79.13 crore profit during the same period a year ago. Its core income declined 8.2 percent year-on-year at Rs 1,600 crore.
Provisions for bad debt rose 5 percent to Rs 1,334 crore in the period, compared to Rs 1,268 crore in the previous quarter.
Total bad loans or non-performing assets (NPAs) rose 14.6 percent on a quarter-on-quarter basis to Rs 20,183.85 crore. While net NPA rose 17.07 percent on a sequential basis to Rs 12,188.3 crore.
Gross bad loans as a percentage of total lending widened to 9.96 percent from 8.5 percent in the March quarter. Net NPA rose 6.27 percent versus 5.04 percent in the previous quarter.
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