Public sector lender Syndicate Bank Wednesday reported 75.3 per cent decline in net profit at Rs 82.4 crore for the second quarter ended September 30, as provision for bad loans almost doubled. The bank’s net profit in the July-September quarter of the previous fiscal stood at Rs 332.37 crore. Total income also declined to Rs 6,574.93 crore during the second quarter from Rs 6,670.19 crore earned in the year-ago period, the bank said in a regulatory filing on stock exchanges.
Watch What Else Is Making News
The bank’s asset quality slipped with gross non-performing assets (NPAs) or bad loans more than doubled to 7.72 per cent of gross advances during the reported quarter, from 3.72 per cent a year ago.
Net NPAs also increased to 5.03 per cent of net advances as against 2.37 per cent in the same quarter last year.
- Soon You Could Get Plastic Currency Notes: Find Out More
- Ranveer Singh and Vaani Kapoor Starrer Befikre Gets A Thumbs Up
- Supreme Court Seeks Centre’s Response Over Various Issues Regarding Demonetisation
- Defence Minister Manohar Parrikar Writes To West Bengal CM Mamata Banerjee
- Bigg Boss 10 December 8 Review: Swami Om Feels Cheated, lashes Out At Gaurav For Jail Punishment
- South Korean President Park Geun-Hye Impeached Over Corruption Scandal
- Former Air Chief SP Tyagi Arrested In VVIP Chopper Scam
- After Congress Vice President Rahul Gandhi, Liquor Baron Vijay Mallya’s Twitter Account Hacked
- Find Out What PM Narendra Modi Told Cabinet Over Demonetisation Decision
- Home Minister Rajnath Singh Assures Safety Of All Tourists Stranded On Havelock Island
- Government To Waive Service Tax On Debit, Credit Card Transactions Of Up To Rs 2,000
- President Pranab Mukherjee Criticises Parliament Disruptions Over Demonetisation
- Pakistan International Airlines Flight Carrying Over 40 Passenger On Board Crashes
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
As a result, provisions and contingencies rose to Rs 864.14 crore during the period from Rs 440.29 crore a year ago.