State-bank Syndicate Bank reported a Q4 loss of 21.58 billion rupees due to higher provisions and the one-off charge in a major fraud from one of its branches.
The released financial results sent Syndicate Bank to the top stocks that gain attention from the crowd. The new events on Syndicate Bank screen showed clearly which topics are most talked about related to the bank including financial results, impairment and bad debt.
Syndicate Bank discovered fraud accounts in its three branches in the northern state of Rajasthan, India. The transactions for the fraud accounts had been carried on for about four years using fake checks and letters of credits. Syndicate Bank said it wrote off about 8.83 billion rupees on these fraud accounts, which was disclosed in March.
According to Syndicate Bank, there were about 350 accounts opened in these branches and loans worth 20-25 millions were made using fake documents. Due to the small value of the loans, the incident escaped the fraud management system’s radar; therefore it was not discovered until the audit for October – December quarter.
There’s more to the bank’s quarterly results including higher gross non-performing asset (NPA) ratio (6.7%), higher domestic deposits (4.33%) and increasing net interest income (2.7%).
Syndicate Bank also appointed the local arm of Boston Consulting Group to help the bank enhance profitability, step up its business and sales plans, reduce transaction costs and unfold the potential of human resources.
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