Syndicate Bank posts Q1 net at R79 cr, NPAs up

By: | Published: July 29, 2016 6:32 AM

Syndicate Bank said it upgraded NPAs of R220.42 crore and also made recoveries of R444.70 crore.

State-owned Syndicate Bank on Thursday reported a net profit of R79.13 crore for the first quarter ended June 30, 2016. The bank had posted a net profit of R301.98 crore in the year-ago period. However, the results are not comparable on account of exceptional write-off.

“Previous quarter results are not comparable with the current quarter since there was an exceptional item of write-off on account of fraud at three branches of Jaipur region,” the lender said in a regulatory filing.

Total income stood at R6,419.12 crore for the reported quarter. It was at R6,323.42 crore in the year-ago period.

Gross NPAs were 7.53% of gross advances in the June quarter, against 3.72% in the same quarter last year. Net NPAs stood at 5.04%, compared with 2.36% in the year-ago period.

Syndicate Bank said it upgraded NPAs of R220.42 crore and also made recoveries of R444.70 crore.

“Out of the total cash recover, the cash recovery in domestic NPAs amounted to R444.70 crore which includes cash recovery in prudentially written-off accounts amounting to R82.35 crore,” the bank said.

Syndicate Bank’s interest income stood at R1,479 crore in the June quarter.

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