Syndicate Bank’s net loss Rs 1,282 cr; bad loans rise to 12.59%

State-owned Syndicate Bank on Monday said its net losses have widened to Rs 1,281.77 crore during first quarter ended June of the current fiscal as bad loans rose.Its loss in the corresponding April-June period of 2017-18 was at Rs 263.19 crore

The bank said in a regulatory filing that its interest income fell to Rs 5,257.19 crore, from Rs 5,484.13 crore. Besides, there was a significant fall in interest earned on balances with RBI and other interbank funds.

Due to rise in a portion of bad loans, the bank parked aside a higher provisioning amount for NPAs at Rs 1,774.11 crore in June quarter, as against Rs 1,385.66 crore a year ago. Overall provisioning and contingencies were at Rs 2,326.82 crore, up from Rs 1,333.88 crore.

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