Have account with Syndicate Bank? Check out massive losses

Syndicate Bank said its net losses have widened to Rs 1,281.77 crore during the first quarter ended June of the current fiscal as bad loans rose. It had posted a loss of Rs 263.19 crore a year ago. Income also fell to Rs 5,637.51 crore during the June quarter of 2018-19, as against Rs 6,171.49 crore a year ago.  

Have account with Syndicate Bank? Check out massive losses
Syndicate Bank said its net losses have widened to Rs 1,281.77 crore during the first quarter ended June of the current fiscal as bad loans rose. Image source: PTI
Written By: PTI
Updated: Tue, Aug 07, 2018
09:54 am
PTI
RELATED NEWS
Amalgamation of Syndicate Bank into Canara Bank to take effect from Wednesday Amalgamation of Syndicate Bank into Canara Bank to take effect from Wednesday
Syndicate Bank's global business has crossed Rs 5 lakh crore-mark: Mrutyunjay Mahapatra, MD & CEO Syndicate Bank's global business has crossed Rs 5 lakh crore-mark: Mrutyunjay Mahapatra, MD & CEO
Homebuyers alert! Syndicate Bank home loans cut to lowest interest rates in banking sector Homebuyers alert! Syndicate Bank home loans cut to lowest interest rates in banking sector

Syndicate Bank said its net losses have widened to Rs 1,281.77 crore during the first quarter ended June of the current fiscal as bad loans rose. It had posted a loss of Rs 263.19 crore a year ago. Income also fell to Rs 5,637.51 crore during the June quarter of 2018-19, as against Rs 6,171.49 crore a year ago. Interest income fell to Rs 5,257.19 crore, from Rs 5,484.13 crore. 

Watch this Zee Business video here:

Besides, there was a significant fall in interest earned on balances with Reserve Bank of India and other inter-bank funds. The asset quality suffered, with gross non-performing assets (NPAs) at 12.59% as on June 30, 2018, from 9.96% a year ago. It was 11.53% in the preceding quarter ended March. Net NPAs too worsened to 6.64%, from 6.27% as on June 30, 2017, and 6.28% by the end of March this year.  

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.