Government-owned Syndicate Bank said on Tuesday its net profit in the October to December quarter (Q3 FY20) increased four-fold to Rs 435 crore from Rs 108 crore in the corresponding period of the previous year on declining bad loans.
Gross bad loans or non-performing assets (NPAs) came down to 11.33 per cent of gross advances as on December 31, 2019, from 12.54 per cent at the end of the same month a year ago. In absolute terms, gross NPAs stood at Rs 25,330 crore as compared to Rs 26,185 crore in the year-ago period. Net NPAs were 5.94 per cent or Rs 12,514 crore, down from 6.75 per cent or Rs 13,211 crore.
However, the bank made higher provisioning of Rs 1,287 crore for bad loans during the quarter as compared to Rs 910 crore in Q3 FY19.
At the same time, total income during Q3 FY20 advanced to Rs 6,317 crore from Rs 6,078 crore in Q3 FY19.