Syndicate Bank’s net loss widens in Q4FY16
DSIJ Intelligence / 18 May 2016
Syndicate Bank has declared its quarterly results on May 17. The bank’s total interest earned has increased by 0.8 per cent to Rs 5682 crore in Q4FY16 as compared to the previous quarter.
Syndicate Bank has declared its quarterly results on May 17. The bank’s total interest earned has increased by 0.8 per cent to Rs 5682 crore in Q4FY16 as compared to the previous quarter. Its Operating Profit before provisions and contingencies has declined by 54.21 per cent to Rs 173 crore in Q4FY16 on a quarterly basis. Syndicate Bank’s provisions and contingencies related expense has increased almost three times to Rs 2412 crore in Q4FY16 as compared to the previous quarter. The bank has posted a net loss of Rs 2518 crore in Q4FY16 against a net loss of Rs 120 crore in Q3FY16.
On asset quality front, Syndicate Bank’s gross non-performing assets stand at 6.7 per cent amounting to Rs 13832 crore in Q4FY16 against 4.61 per cent amounting to Rs 9603 crore in Q3FY16. The bank’s net non-performing assets stand at 4.48 per cent, i.e. Rs 9015 crore in Q4FY16; while at 3.04 per cent, i.e. Rs 6211 crore in Q3FY16.
Syndicate Bank’s top line has increased by 7.32 per cent to Rs 23198 crore in FY16 as compared to previous fiscal year. The bank’s Operating Profit before provisions and contingencies has declined by 10.37 per cent to Rs 1703 crore in FY16 on a yearly basis. Syndicate Bank’s provisions and contingencies related expense has increased almost two fold to Rs 4348 crore in FY16 as compared to the previous financial year. The bank has posted a net loss of Rs 15717 crore in FY16 against net profit of Rs 1667 crore in FY15.
On segmental revenue front, Syndicate Bank earned 26.76 per cent from treasury operations segment; 34.86 per cent from corporate and wholesale banking segment; 36.61 per cent from Retail banking segment; and remaining 1.77 per cent from other segment during FY16.
The share price of Syndicate Bank has declined by 6.17 per cent on bourses in early trades; and is trading at Rs 67.1 on an intraday basis.
Syndicate Bank provides a range of banking services. The bank operates under the segments: treasury, corporate / wholesale banking, retail banking and other banking operations. The Bank has approximately 3251 branches in all the states and union territories of India.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.