Syndicate Bank Q4 Results 2018 – Public sector lender Syndicate Bank has published the financial results of Q4 FY 2017-18. Bank has reported a net loss of Rs 2,195.12 crore in the last quarter ended March 31. Loss is mainly reported in the quarter due to high provisioning and increase in Gross Non Performing Assets (NPA). In FY 2017-18 bank has reported a net loss of Rs 3,222.84 crore against a net profit of Rs 358.95 crore in FY 2016-17.
Bank has informed in the regulatory filling that the bank’s provisioning requirement for bad assets were raised by nearly three times during the March quarter to Rs 3,544.68 crore as against Rs 1,192.54 crore in the same period previous fiscal.Total provisioning for bad loans rose to Rs 7,620.08 crore in FY 2017-18 from Rs 3,545.44 crore in FY 2016-17.
The total Income during Q4 has come down to Rs 6,046 crore from Rs 6,913.09 crore earned in same period of previous fiscal. Income for the year fell to Rs 24,581.85 crore from Rs 26,461.18 crore.
The gross non-performing assets (NPAs) hit 11.53 per cent of gross advances (Rs 25,758.60 crore) by end of March 2018 from 8.50 per cent (Rs 17,609.31 crore) as on March 31, 2017.
Net NPAs grew to 6.28 per cent (Rs 13,239.46 crore) from 5.21 per cent (Rs 10,410.98 crore).
The bank had posted a net profit of Rs 103.84 crore in the corresponding January-March quarter of 2016-17. In December quarter, there was a net loss of Rs 869.77 crore.