Syndicate Bank’s Q1 net loss widens to Rs 1,282 cr

Syndicate Bank’s Q1 net loss widens to Rs 1,282 cr
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Mumbai: State-run Syndicate Bank on Monday reported a net loss of Rs 1,282 crore for the first quarter of 2018-19 due to higher provisioning for non-performing assets.

According to the lender, its Q1 net loss widened to Rs 1,282 crore from Rs 263.19 crore reported for the corresponding period of the previous financial year.

“A net loss of Rs 1,282 crore for the quarter ended 30th June 2018 is due to
higher provisioning, reduction in ‘Treasury Income’ and ‘MTM’ depreciation,” the bank said in a statement.

The bank disclosed that its overall provisions for the quarter ended June 30, 2018 increased to Rs 1,840 crore from Rs 1,410 crore during quarter ended June 30, 2017.

IANS