Syndicate Bank reports net loss of Rs 2,587 crore in FY 19

Mumbai: Government-owned Syndicate Bank suffered a net loss of Rs 2,587 crore during 2018-19 on account of bad loans compared to a net loss of Rs 3,223 crore in the previous fiscal year.

Gross non-performing assets (NPAs) dipped marginally to Rs 24,680 crore in March 2019 from Rs 26,187 crore during December 2018 and Rs 25,759 crore in March 2018. In percentage terms, the gross NPA ratio works out to 11.37 in March 2019, 12.54 in December 2018 and 11.53 in March 2018.

Total advances on March 31 this year stood at Rs 2.17 lakh crore, down from Rs 2.23 lakh crore a year ago. Though retail advances showed marginal growth, corporate and MSME advances declined.

Overall provisions for FY 19 totaled Rs 5,407 crore as against Rs 7,087 crore in the previous fiscal. Net interest income rose from Rs 6,552 crore to Rs 6,648 crore. But operating expenses went up to Rs 6,053 crore from Rs 5,494 crore.

In the fourth quarter (January to March) of 2018-19, however, the net profit was Rs 128 crore against a net loss of Rs 2,195 crore in Q4 of FY18. Operating profit was Rs 1,057 crore as against Rs 634 crore in the previous quarter ending December 2018.