Syndicate Bank narrows losses in Q1; asset quality remains stable

The public sector lender is confident of posting Rs 500 cr net profit in FY20

Public sector lender Syndicate Bank on Wednesday reported narrowing of its losses at Rs 980 crore for the first quarter of ongoing fiscal year owing to improvement in asset quality, apart from sound recovery. 

The bank had reported a net loss of Rs 1,282 crore in the first quarter of previous fiscal and net profit of Rs 128 crore in the preceding quarter.

Total income of the bank stood at Rs 6,080.7 crore in the April-June period of this fiscal, a rise of around 8 per cent on year-on-year basis.

"In Q1, we have increased our provision coverage ratio to ring fence the