Syndicate Bank reports net loss of Rs 263 cr in Q1

Source: The Hitavada      Date: 06 Aug 2017 13:37:31


NEW DELHI,

Aug 5,

(PTI),

PUBLIC sector Syndicate Bank has reported a net loss of Rs 263.19 crore for the June quarter of the current fiscal due to sharp increase in provisions for bad loans. In comparison, it had reported a net profit of Rs 79.13 crore in the April-June quarter of last fiscal, 2016-17.

The total income during the first quarter of 2017-18 also fell to Rs 6,171.49 crore, as against Rs 6,419.12 crore in the year-ago period, the bank said in a regulatory filing. The bank’s provisioning to cover for bad loans jumped by 79 per cent to Rs 1,385.66 crore for the quarter under review, as against Rs 774.41 crore a year ago.