Have account with Syndicate Bank? Check out massive losses

Syndicate Bank said its net losses have widened to Rs 1,281.77 crore during the first quarter ended June of the current fiscal as bad loans rose. It had posted a loss of Rs 263.19 crore a year ago. Income also fell to Rs 5,637.51 crore during the June quarter of 2018-19, as against Rs 6,171.49 crore a year ago. Interest income fell to Rs 5,257.19 crore, from Rs 5,484.13 crore. 

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Besides, there was a significant fall in interest earned on balances with Reserve Bank of India and other inter-bank funds. The asset quality suffered, with gross non-performing assets (NPAs) at 12.59% as on June 30, 2018, from 9.96% a year ago. It was 11.53% in the preceding quarter ended March. Net NPAs too worsened to 6.64%, from 6.27% as on June 30, 2017, and 6.28% by the end of March this year.