Syndicate Bank Q1 net at Rs 79 crore

State-owned Syndicate Bank has posted a net profit of Rs 79.13 crore for the first quarter ended June 30, 2016.

The bank had registered a net profit of Rs 301.98 crore in the corresponding April-June quarter of the previous financial year.

The results are not comparable on account of exceptional write-off.

"Previous quarter results are not comparable with the current quarter since there was an exceptional item of write off on account of fraud at three branches of Jaipur region," it said in a regulatory filing.

Transactions of these three branches are under investigation, pending which no additional provision is considered necessary during the quarter, it added.

Total income of the bank stood at Rs 6,419.12 crore for the reported quarter. It was at Rs 6,323.42 crore in the year ago period, it said in the filing.

The gross NPAs were 7.53% of gross advances in June quarter of the current financial year. In the year-ago period, it was 3.72%. Net NPAs stood at 5.04%, it stood at 2.36% in April-June quarter of 2015-16.

Syndicate Bank said it has upgraded NPAs of Rs 220.42 crore and also made recoveries of Rs 444.70 crore.

"Out of the total cash recover, the cash recovery in domestic NPAs amounted to Rs 444.70 crore which includes cash recovery in prudentially written off accounts amounting to Rs 82.35 crore," it said.

"To accelerate recovery performance under NPA, during the current financial year, one Bruhat Synd Adalat was conducted. Bank has mobilised 16,648 proposals involving one time settlement amount of Rs 84.69 crore," the bank added.

Among other key metrics, Syndicate Bank's interest income stood at Rs 1,479 crore during April-June of 2016-17. It was Rs 1,412 crore a year earlier.

However, the bank registered fall in global business at Rs 4.68 lakh crore from Rs 4.72 lakh crore a year ago. Hence, global deposits also fell to Rs 2.63 lakh crore from Rs 2.69 lakh crore.