Syndicate Bank has reported results for first quarter ended June 30, 2016.
The bank has reported 73.79% fall in its net profit at Rs 79.13 crore for the quarter under review as compared to Rs 301.98 crore for the same quarter in the previous year. Total income of the bank increase by 1.51% at Rs 6419.12 crore for Q1FY17 for quarter under review from Rs 6323.42 crore for the corresponding quarter previous year.
The bank’s gross NPA for the April-June quarter of the current fiscal increased to 7.53%, as compared to 3.72% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 5.04% in Q1FY17.
Previous quarter results are not comparable with the current quarter since there was an exceptional item of write off on account of fraud at three branches of Jaipur region. Transactions of these three branches are under investigation, pending which no additional provision is considered necessary during the quarter.
