Syndicate Bank's Q4 result, profit up in Q4FY19

Syndicate Bank on Friday reported a profit of Rs.128.02 crore for the March quarter of 2018-19 financial year on a modest rise in core income and slight improvement in bad loan ratio.The public sector lender posted a loss of Rs.2,195.12 crore during January-March quarter of 2017-18.



During December quarter of the previous fiscal, the bank logged a profit of Rs.107.99 crore.Total income during the quarter under review was at Rs.6,345.22 crore as compared to Rs.6,046 crore in the same period a year ago, the lender said in a regulatory filing.Interest income was at Rs.5,610.26 crore during the period, as against Rs.5,357.24 crore a year ago.For entire 2018-19, the bank reported a net loss of Rs.2,524.20 crore. In the previous fiscal, the loss stood at Rs.3,111.69 crore.

Total income for the fiscal gone by was down at Rs.24,012.75 crore from Rs.24,691.28 crore in 2017-18.The bank's gross non-performing assets (NPAs) were 11.37% of the gross advances by end of fiscal 2018-19, as against 11.53% at end-March 2018.Net NPAs too came down marginally at 6.16 per cent from 6.28%. 

Provisions for bad loans were pruned toRs.831.22 crore for the March quarter 2018-19 from Rs.3,544.68 crore parked aside in the year-ago period. Syndicate Bank said it has restructured 4,340 MSME accounts and treated them as standard assets amounting to Rs.137.87 crore during the quarter, as per RBI directive, and maintained provision at 5.25% amounting to Rs.7.24 crore.The provision coverage ratio as on March 31, 2019 stood at 66.43%.