Syndicate Bank reports Q2 net profit at Rs 251 crore

Syndicate Bank reports Q2 net profit at Rs 251 crore

Mumbai (Maharashtra) [India]: Government-owned Syndicate Bank on Oct 31 ,Thursday reported a net profit of Rs 251 crore for the second fiscal quarter (July to September) against a net loss of Rs 1,543 crore in the same period of previous year.

Sequentially, the bank had registered a net loss of Rs 980 crore. The turnaround came as provisioning requirements came down due to reduced bad loans. Total income in Q2 FY20 increased to Rs 6,153 crore as against Rs 5,889 crore in the year-ago period, the bank said in a statement. The bank’s provisioning for bad loans and contingencies came down to Rs 639 crore during the quarter as against Rs 2,217 crore in the same period a year ago.

The bad loan proportion remained elevated at 11.45 per cent of the gross loans as on September 30 as against 12.98 per cent at the end of September last year. Net non-performing assets (NPAs) or bad loans also came down to 5.98 per cent (Rs 12,481 crore) from 6.38 per cent (Rs 13,321 crore).

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