Syndicate Bank shares slip over 5% on Q3 loss

Syndicate Bank's scrip today slipped by over 5 per cent as the company reported a net loss of Rs 119.67 crore for the third quarter ended December 31.
Shares of the company tumbled 5.13 per cent to settle at Rs 70.25 on BSE. Intra-day, it went down by 6.81 per cent to Rs 69.
At NSE, the stock fell by 4.92 per cent to end at Rs 70.40.
Syndicate Bank today reported a net loss of Rs 119.67 crore for the third quarter on account of provisioning for deferred tax.
The public sector bank had posted a net profit of Rs 304.99 crore in the same period of last financial year.

The bank parked a substantial amount towards deferred tax liability and provisions that led to the loss on its books.

"Total income has increased to Rs 6,188.25 crore for the quarter ended December 31, 2015 from Rs 5,921.58 crore for the quarter ended December 31, 2014," it said in a BSE filing.
The bank's gross non-performing assets (NPAs) or bad loans rose to 4.61 per cent of the gross advances as of December 2015 from 3.6 per cent in the year-ago period.
Net NPAs were at 3.04 per cent of the net advances for the quarter under review, up from 2.38 per cent.