Syndicate Bank s Q1 net loss widens to Rs 1,282 cr
Monday - August 6, 2018 10:54 pm ,
Category : BUSINESS
Mumbai Aug 6 (IANS) 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 rv/sed
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 rv/sed
