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.
As a result, provisions and contingencies rose to Rs 864.14 crore during the period from Rs 440.29 crore a year ago.