<p>State-owned Syndicate Bank today reported a net loss of Rs 2,158.17 for the quarter ending March 2016 due to more than three-fold rise in provisions for bad loans and contingencies.<br /><br /></p>.<p>The bank had reported a net profit of Rs 416.92 crore during the same quarter of 2014-15. In October-December 2015-16, the bank had posted a loss of Rs 119.67 crore.<br /><br />Syndicate Bank raised provisioning towards bad loans and contingencies to Rs 2,411.83 crore in the last quarter of 2015-16 as against Rs 715.30 crore in the year ago period, it said in a regulatory filing.<br /><br />The income of the bank also fell during the quarter to Rs 6,524.65 crore, from Rs 6,599.13 crore a year earlier.<br /><br />The asset quality deteriorated further as gross non-performing assets rose to 6.7 per cent of gross advances during the quarter, from 3.13 per cent in the year-ago period. In absolute terms, gross NPAs were Rs 13,832.16 crore in the quarter against Rs 6,442.38 crore last year.<br /><br />Likewise, net NPAs or bad loans as a percentage of net advances stood at 4.48 per cent (Rs 9,014.87 crore) during the last quarter of 2015-16, from 1.9 per cent (Rs 3,843.65 crore) year ago.<br /><br />The bank reported a net loss of Rs 1,643.49 crore for the full fiscal 2015-16. It had earned a net profit of Rs 1,522.93 crore in 2014-15.<br /><br />However, total income of the bank increased to Rs 25,706.51 crore in 2015-16, from Rs 23,724.75 crore in 2014-15.<br /><br />In a separate filing, Syndicate Bank said the Board of Directors at its meeting held today has not recommended payment of dividend for 2015-16.<br /><br />Several public sector banks including Bank of Baroda, UCO Bank, Central Bank of India, Allahabad Bank and Dena Bank have reported losses due to bad loans.<br /><br />Syndicate Bank shares closed up by 4.72 per cent at Rs 66.50 apiece on BSE. <br /><br /></p>
<p>State-owned Syndicate Bank today reported a net loss of Rs 2,158.17 for the quarter ending March 2016 due to more than three-fold rise in provisions for bad loans and contingencies.<br /><br /></p>.<p>The bank had reported a net profit of Rs 416.92 crore during the same quarter of 2014-15. In October-December 2015-16, the bank had posted a loss of Rs 119.67 crore.<br /><br />Syndicate Bank raised provisioning towards bad loans and contingencies to Rs 2,411.83 crore in the last quarter of 2015-16 as against Rs 715.30 crore in the year ago period, it said in a regulatory filing.<br /><br />The income of the bank also fell during the quarter to Rs 6,524.65 crore, from Rs 6,599.13 crore a year earlier.<br /><br />The asset quality deteriorated further as gross non-performing assets rose to 6.7 per cent of gross advances during the quarter, from 3.13 per cent in the year-ago period. In absolute terms, gross NPAs were Rs 13,832.16 crore in the quarter against Rs 6,442.38 crore last year.<br /><br />Likewise, net NPAs or bad loans as a percentage of net advances stood at 4.48 per cent (Rs 9,014.87 crore) during the last quarter of 2015-16, from 1.9 per cent (Rs 3,843.65 crore) year ago.<br /><br />The bank reported a net loss of Rs 1,643.49 crore for the full fiscal 2015-16. It had earned a net profit of Rs 1,522.93 crore in 2014-15.<br /><br />However, total income of the bank increased to Rs 25,706.51 crore in 2015-16, from Rs 23,724.75 crore in 2014-15.<br /><br />In a separate filing, Syndicate Bank said the Board of Directors at its meeting held today has not recommended payment of dividend for 2015-16.<br /><br />Several public sector banks including Bank of Baroda, UCO Bank, Central Bank of India, Allahabad Bank and Dena Bank have reported losses due to bad loans.<br /><br />Syndicate Bank shares closed up by 4.72 per cent at Rs 66.50 apiece on BSE. <br /><br /></p>