Syndicate Bank Stock prices went downwards during early trade hours on tuesday. This comes after they release their June end quarter results posting a net loss of Rs.1281.77 crore which is five times the net loss of June end quarter of last year.
The net loss of the bank during the same period of corresponding year stood at Rs 263.13 crore. The reason for widening of the loss can be attributed to the decrease in interest income and rise of NPAs. Syndicate Bank’s gross Non-performing assets (NPA) increased to 12.59% from 9.96% of the June end quarter of last year.
The bank’s income generated from other sources also decline to Rs.380.32 crore, a 44% downfall as compared to the Rs.687.36 crore of the last year’s June end quarter.