Syndicate Bank Q3 net profit at Rs 93.56 cr

Syndicate Bank today posted a net profit of Rs 93.56 crore for third quarter ended December 31, 2016, on account of lower tax expenses.
The public sector bank had posted a net loss of Rs 119.67 crore in the year-ago period.
Syndicate Bank's total income has increased to Rs 6,554.04 crore for the quarter ended December 31, 2016, up 5.91 per cent, from Rs 6,188.25 crore for the quarter ended December 31, 2015, it said in a BSE filing.
During the quarter under review, the tax expense stood at Rs 49.59 crore as against Rs 173.5 crore in the corresponding period a year ago.

In the three-month period last fiscal, Syndicate Bank had parked a substantial amount towards deferred tax liability and provisions that led to the loss on its books.
The banks gross non-performing assets (NPAs) or bad loans rose to 8.69 per cent of the gross advances as of December 2016 from 4.61 per cent in the year-ago period.
Net NPAs were at 5.63 per cent of the net advances for the quarter under review, up from 3.04 per cent a year ago.
Shares of Syndicate Bank were trading 2.02 per cent lower at Rs 67.90 on BSE.