Money & Banking

Syndicate Bank posts Rs 93.6 cr net profit

PTI New Delhi | Updated on January 12, 2018 Published on January 31, 2017

Syndicate Bank has posted a net profit of Rs 93.56 crore for the third quarter ended December 31, 2016, on account of lower tax expenses.

The public sector bank had posted a net loss of Rs 119.67 crore in the year-ago period.

Total income has increased to Rs 6,554.04 crore for the quarter ended December 31, 2016, up 5.91 per cent, from Rs 6,188.25 crore for the quarter ended December 31, 2015, the bank said in a BSE filing today.

During the quarter under review, tax expenses stood at Rs 49.59 crore against Rs 173.5 crore in the corresponding period a year ago.

In the three-month period last fiscal, Syndicate Bank had parked a substantial amount towards deferred tax liability and provisions that led to the loss in its books.

Gross non-performing assets (NPAs) or bad loans rose to 8.69 per cent of gross advances as of December 2016 from 4.61 per cent in the year-ago period.

Net NPAs were at 5.63 per cent of net advances for the quarter under review against 3.04 per cent a year ago.

Shares of Syndicate Bank were trading 2.02 per cent lower at Rs 67.90 on the BSE.

Published on January 31, 2017
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