Syndicate Bank has reported net profit of Rs 251.05 crore in the quarter ended September 30, 2019. The state-owned lender had reported net losses of Rs 1,542.54 crore in the year ago period and Rs 980.46 crore sequentially, a regulatory filing by the bank showed.
The total income of Syndicate Bank during the quarter under review was Rs 6,153.10 crore, as opposed to Rs 5,888.87 crore in the corresponding quarter last year. The bank posted Net Interest Income of Rs 1,739.25 crore during the September quarter of this fiscal, in comparison to Rs 1,572.29 crore in the same period last year.
Operating profit for the September quarter this fiscal came down to Rs 956.36 crore, as opposed to Rs 570.07 crore in the year-ago period. Syndicate Bank's provisions for bad loans and contingencies during Q2 FY20 declined substantially to Rs 638.94 crore, as against Rs 2,217.26 crore in Q2 FY19.
Syindicate Bank saw its asset quality improve during the quarter ended September 30, 2019. Net non-performing assets (NPAs) came down to 5.98 per cent during the period under review, in comparison to 6.83 per cent in the corresponding period last fiscal.
Amount in net NPAs declined to Rs 12,481.35 crore during the September quarter, as opposed to Rs 13,321.30 crore during the same quarter last year.
Meanwhile, the shares of Syndicate Bank closed 6.71 per cent higher, or 1.90 points, at 30.20.