Syndicate Bank Profit Bleeds in Q3 with net loss of Rs.119 crore for third quarter of 2015-16, suffering a whopping 119 percent decline as against net profit of Rs.305 crore in same period last fiscal year. Bankl has reported that the loss was due to higher provisioning for NPAs (Non Performing Assets).
Gross NPA of bank shot up 43 percent to Rs.9,603 crore from Rs.6,724 crore with 42% jump in Net NPA as compare to previous quarter which was Rs 4370 crore. The gross non-performing assets (NPA) ratio increased to 4.61 percent from 3.60 a year ago, and net NPA ratio rose to 3.04 percent from 2.38 percent a year ago.
Gross Interest income of the bank decline to Rs 5499 crore or 2.5 percent to Rs.5,499 crore from Rs.5,637 crore and net interest income slumped 12.8 percent to Rs.1,322 crore from Rs.1,516 crore as compare to previous year same quarter.
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Cheers for bank as Net interest margin was up marginally to 2.32 percent from 2.25 percent.
The Other Measure Business Figures of Bank are :
- Global business increased 6 percent to Rs.464,087 crore from Rs.438,099 crore
- Domestic business grew 5 percent to Rs.391,664 crore from Rs.372,660 crore.
- Global advances increased 12 percent to Rs.208,194 crore from Rs.186,630 crore
- Domestic advances also grew 12 percent to Rs.166,521 crore from Rs.148,825 crore.
- Global deposits grew to Rs.255,893 crore from Rs.251,469 crore
- Domestic deposit growth grew by 1% at Rs.225,143 crore as against Rs.223,835 crore.
- Provision coverage ratio stood at 58.67 percent as against 62.96 percent last Q3.
The measure hurdle was Earning Per Share or EPS which was Rs 23.61 previously against the face value of Rs 10 has turned below to Rs.7.12 .
Share of Syndicate bank stock was trading 3.06% or Rs 67.10 down at NSE and BSE.
