Syndicate Bank posted a net profit of ₹128.02 crore for the fourth quarter of 2018-19, with lower provisions and improvement in income.
The lender made a net loss of ₹2,195.12 crore for the fourth quarter of 2017-18.
The bank’s total income for the January to March 2019 quarter rose by 4.94 per cent to ₹6,345.22 crore, against ₹6,046 crore in the same period a year ago.
Net interest income grew by 16.3 per cent to ₹1,952.28 crore in the fourth quarter of last fiscal, from ₹1,678.77 crore a year ago. Other income rose by 6.7 per cent to ₹734.96 crore in the quarter under review, from ₹688.76 crore in the corresponding period in 2017-18.
However, for the full fiscal year 2018-19, the lender posted a net loss of ₹2,588.30 crore. This was lower than the net loss of ₹3,222.84 crore it registered in 2017-18. On a consolidated basis, its net loss in 2018-19 was ₹2,524.20 crore.
The bank’s asset quality showed some improvement. The bank’s gross non-performing assets (NPAs) were 11.37 per cent of gross advances, or ₹24,680 crore as on March 31, 2019, against 11.53 per cent on March 31, 2018. Net NPAs were also marginally lower at ₹12,627.7 crore, or 6.16 per cent of net advances as on March 31, 2019.
Provisions for bad loans fell significantly to ₹831.22 crore in the fourth quarter of the fiscal, from ₹3,544.68 crore in the same period a year ago.
Syndicate Bank said it has restructured 4,340 MSME accounts and treated them as standard assets amounting to ₹137.87 crore during the fourth quarter.
The lender’s scrip gained 3.55 per cent and closed at ₹37.90 apiece on the BSE.