1. Syndicate Bank posts Rs 104 crore profit for Q4

Syndicate Bank posts Rs 104 crore profit for Q4

Public sector lender Syndicate Bank today posted Rs 104 crore profit for the March quarter of 2016-17 even though its non-performing assets rose. In comparison, the bank had registered a loss of Rs 2,158 crore for the fourth quarter of the previous fiscal, 2015-16.

By: | Updated: May 9, 2017 5:11 PM

Public sector lender Syndicate Bank today posted Rs 104 crore profit for the March quarter of 2016-17 even though its non-performing assets rose. In comparison, the bank had registered a loss of Rs 2,158 crore for the fourth quarter of the previous fiscal, 2015-16.

Its total income during the January-March quarter of last fiscal rose to Rs 6,913 crore, as against Rs 6,525 crore in the same period of 2015-16, Syndicate Bank said in a regulatory filing.

The bank’s gross bad loans or non-performing assets (NPAs) during the quarter under review rose to 8.50 per cent as against 6.70 per cent in the year-ago period. Net NPAs also rose to 5.21 per cent as against 4.48 per cent a year ago.

However, provision (other than tax) and contingencies declined to Rs 1,268.20 crore from Rs 2,382.97 crore in the same period a year ago. For the entire financial year 2016-17, the bank posted a profit of Rs 359 crore as against a loss of 1,643 in the previous fiscal.

The government has appointed Melwyn Oswald Rego as managing director of the bank in place of Arun Shrivastava from July 1.

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