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.