Syndicate bank posts Rs 870 crore net loss

The bank had made net profit of Rs 93.56 crore in the October-December quarter of last fiscal, 2016-17.

Published: 13th February 2018 02:53 AM  |   Last Updated: 13th February 2018 05:00 AM   |  A+A-

By Express News Service

BENGALURU: Syndicate Bank has announced its financial results for the quarter ended December 31, 2017 and has posted a net loss for the quarter at Rs 870 crore due to accelerated provision, reduction in treasury income and mark to market losses. The bank had made net profit of Rs 93.56 crore in the October-December quarter of last fiscal, 2016-17. The bank, in its results statement, reported an increase in gross NPA ration at 9.62% against 9.39% in the previous quarter. However, the net NPA ratio decreased to 5.44%, down from 5.75% in the previous quarter. Operating profit reported an increase of 7.72% at Rs 2,929 crore in the nine months of financial year 2017-18.

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