New Delhi: Syndicate Bank Friday reported a profit of Rs 128 crore for the March quarter of FY19 on a modest rise in core income and slight improvement in bad loan ratio.
The public sector lender posted a loss of Rs 2,195.12 crore during the January-March quarter of FY18.During the December quarter of the previous fiscal, the bank logged a profit of Rs 107.99 crore.Total income during the quarter under review was at Rs 6,345.22 crore as compared to Rs 6,046 crore in the same period a year ago, the lender said in a regulatory filing.Interest income was at Rs 5,610.26 crore during the period, as against Rs 5,357.24 crore a year ago.For FY19, the bank reported a net loss of Rs 2,524.20 crore.
In the previous fiscal, the loss stood at Rs 3,111.69 crore.Total income was down at Rs 24,012.75 crore from Rs 24,691.28 crore in FY18.Gross non-performing assets (NPAs) were 11.37 per cent of gross advances by end of FY19, as against 11.53 per cent at end-FY18.Net NPAs too came down marginally at 6.16 per cent from 6.28 per cent.Provisions for bad loans were pruned to Rs 831.22 crore for the March quarter FY19 from Rs 3,544.68 crore parked aside in the year-ago period.The bank said it has restructured 4,340 MSME accounts and treated them as standard assets amounting to Rs 137.87 crore during the quarter, as per Reserve Bank directive, and maintained provision at 5.25 per cent amounting to Rs 7.24 crore.The provision coverage ratio as on March 31, 2019 stood at 66.43 per cent.Its stocks closed 3.55 per cent higher at Rs 37.90 on BSE.