Syndicate Bank Q3 profit zooms to Rs 435 crore

Syndicate Bank Q3 profit zooms to Rs 435 crore
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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.

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