Stock Market

State-Owned Syndicate Bank Suffers Loss Of Rs 1,282 Crore During Q1

On 7th August, state-owned Syndicate Bank, said its net losses have extended to Rs 1,281.77 crore amid first quarter, ended in June.

Its income tumbled to Rs 5,637.51 crore amid the June quarter of 2018-19, as against Rs 6,171.49 crore a year ago. Its loss in the relating April-June time of 2017-18 was at Rs 263.19 crore.

The asset quality was imprinted further to 12.59 percent of the gross non-performing resources (NPAs) or bad loans as on June 30, 2018, from 9.96 percent a year ago. It was 11.53 percent in the previous quarter finished March. Net NPAs excessively declined, making it impossible to 6.64 percent, from 6.27 percent as on June 30, 2017, and 6.28 percent by end-March this year.

In a regulatory filing that its asset income tumbled to Rs 5,257.19 crore, from Rs 5,484.13 crore. Plus, there was a huge fall in premium earned on balances with RBI and other interbank reserves, as reported by Syndicate Bank.

In the terms of value, the gross NPAs stood at Rs 26,361.52 crore at June 30 this year, as against Rs 20,183.85 crore a year ago. Net NPAs were at Rs 13,010.80 crore versus Rs 12,188.30 crore.

As per the report from India Times, because of ascending in a few bad loans, the bank stopped aside a higher provisioning amount for NPAs at Rs 1,774.11 crore in June quarter, as against Rs 1,385.66 crore a year ago. In general provisioning, the possibilities were at Rs 2,326.82 crore, up from Rs 1,333.88 crore.

Syndicate Bank said in the filing, in the opinion given by an independent master, pending issuance of last NCLAT order, a measure of Rs 100.86 crore recouped in an NPA account is considered as a qualified loan for the figuring of NPA provision.

The stock of Syndicate Bank shut 2.65 percent down at Rs 44.10 on BSE.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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