Syndicate Bank Q2 net jumps 28%

Syndicate Bank Q2 net jumps 28%

Public lender Syndicate Bank on Tuesday reported 27.68% jump in its July-September quarter profit to Rs 105.24 crore on annual basis, notwithstanding rise in bad loans.

The Manipal-headquartered bank had posted a profit of Rs 82.42 crore in the same quarter of the previous fiscal.

The total was income was Rs 6,419.21 in the second quarter of the fiscal, down from
Rs 6,574.93 crore in the comparable period of 2017-18, the bank said in a regulatory filing.

Operating profit, however, increased to Rs 1,17,3.74 crore from Rs 1,016.54 crore in the year ago quarter.

On asset front, the bank reported deterioration as its Gross Non-Performing Assets (GNPA) increased to 9.39% of gross advances in comparison to 7.72% in the similar quarter of the last fiscal. The net NPA too increased to 5.76% from 5.03%.

The provision coverage ratio as on September 30 stood at 56.21%, the filing added.

Referring to the RBI advised initiation of insolvency resolution process in respect of 12 accounts under the provisions of Insolvency and Bankruptcy Code, Syndicate Bank said it has made pro rata provisions of Rs 172.60 crore during the current quarter.