Syndicate Bank reports net loss of Rs 263 crore in Q1

New Delhi: 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 percent to Rs 1,385.66 crore for the quarter under review, as against Rs 774.41 crore a year ago.

Its earning from corporate and wholesale banking fell to Rs 2,088.98 crore for the quarter, from Rs 2,562.28 crore a year ago.

Revenues from retail banking operations were only marginally up at Rs 1,984.67 crore for the quarter, from Rs 1,973.66 crore a year earlier.

Asset quality of the bank slipped with gross non- performing assets (NPAs) rising to 9.96 percent of the gross advances by June 30, 2017 from 7.53 percent of the gross loans disbursed as on June 30, 2016.

Net NPAs were 6.27 percent of the net loans as at end- June this year, from 5.04 percent in June 30, 2016.

The provision coverage ratio as on June 30, 2017 stood at 54.80 percent.