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Syndicate Bank achieves landmark Rs 5-lakh crore business
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Syndicate Bank achieves landmark Rs 5-lakh crore business

Agency News

Bengaluru, Feb 11: Syndicate bank has reported net profit of Rs 435 crore in Q3 FY 2019- 20 as against Net Profit of Rs 108 crore in Q3 of FY 2018-19. The Operating Profit increased by 111 pc, from Rs 634 crore in Dec-2018 quarter to Rs 1336 crore in Dec-2019 quarter.

The Net Interest Income (NII) has increased by 16 pc, from Rs 1619 Crore in Dec-2018 quarter to Rs 1871 Crore in Dec-2019 quarter. Domestic NIM has increased by 46 bps from 2.80 pc in Dec- 18 Quarter to 3.26 pc in Dec-19 Quarter. CASA deposit has increased by 8.13 pc on Y-o-Y. Overall cost to income ratio has declined from 71.68 pc to 52.06 pc as on quarter ended Dec-19. Gross NPA ratio declined to 11.33 pc from 12.54 pc. Net NPA ratio declined to 5.94 pc from 6.75pc.

Provision coverage ratio has improved to 69.28 pc.

The interest income for quarter ended Dec-2019 is Rs.5,403 crore as against Rs.5,459 crore in its corresponding period of previous year.

The other income increased by 48% to Rs.915 crore for the quarter ended Dec-2019 as against Rs 619 crore in corresponding quarter of previous year. The increase is mainly due to increase in recovery in written off advances. The Interest expenses decreased by 8% from Rs.3,840 crore in Dec-2018 quarter to Rs.3,532 crore in Dec-2019 quarter. The Net Interest Income (NII) has improved by 16% from Rs.1619 Crore in Dec-2018 quarter to Rs 1871 Crore in Dec-2019 quarter.

The operating expenses decreased by 10% from Rs.1,604 crore in Dec-2018 quarter to Rs.1,450 crore in Dec-2019 quarter. The operating Profit for Dec-2019 quarter increased by 111% from Rs.634 crore in Dec-2018 quarter to Rs.1,336 crore in Dec-2019 quarter. The bank has made provision and contingencies of Rs.901 crore during Dec-2019 quarter against Rs 526 crore during Dec-2018 quarter. The bank made net profit of Rs. 435 crore for the quarter ended Dec-2019 against a net profit of Rs 108 crore during Dec-2018. The bank’s total business increased to Rs.5,00,971 crore as on Dec of 2019 as against Rs.4,67,911 crore recorded in Dec of 2018 showing an increase of 7%. (UNI)