Syndicate Bank net down 38% to Rs 302 cr

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Bangalore | Updated: July 29, 2015 4:52:38 AM

Total income of Syndicate Bank went up 14.5% to Rs 6,323 crore from Rs 5,523 crore a year ago.

Public sector lender Syndicate Bank on Tuesday reported a 38% y-o-y decline in net profit to R302 crore for the first quarter ended June from Rs 485 crore in the corresponding quarter last year.

Total income of the bank went up 14.5% to R6,323 crore from R5,523 crore a year ago. Operating profit increased marginally by 2.5% to R1,040 crore. In the same quarter last year, the operating profit stood at R1,014 crore.

“The decline in profit is mainly on account of steep provisioning towards tax outgo and non-performing assets at R737 crore, a rise of 39.3% over the same quarter last year,” a bank official said.

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Taxes, including a one-time provision towards the deferred tax liability, stood at R257 crore against R61 crore year ago, a rise of 4.21 times. The DTL provisioning were R109 crore, which is shown only in the first quarter, the official said.

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