Syndicate Bank Q3 profit zooms to Rs 435 crore
Syndicate Bank on Tuesday said its net profit in December quarter 2019 grew manifold to Rs 434.82 crore as bad loans shrank.
New Delhi: Syndicate Bank on Tuesday said its net profit in December quarter 2019 grew manifold to Rs 434.82 crore as bad loans shrank.
The public sector lender had registered a profit of Rs 107.99 crore in the year-ago period. Total income during the quarter increased to Rs 6,316.57 crore from Rs 6,077.62 crore in the same period of 2018-19, Syndicate Bank said in a regulatory filing.
Gross bad loans or non-performing assets (NPAs) came down to 11.33 per cent of gross advances as on December 31, 2019 from 12.54 per cent at the end of the same month a year ago.
In absolute terms, gross NPAs stood at Rs 25,330.10 crore as compared to Rs 26,184.66 crore in the year-ago period. Net NPAs were 5.94 per cent (Rs 12,514.32 crore), down from 6.75 per cent (Rs 13,211.17 crore).
However, the bank made a higher provisioning of Rs 1,286.64 crore for bad loans during the quarter as compared to Rs 909.82 crore in the year-ago period.
The overall provisions and contingencies stood at Rs 1,044.98 crore as against Rs 497.14 crore a year ago.
