Comments
Syndicate Bank has posted ₹103.84-crore profit in the fourth quarter of 2016-17 (FY17) compared with a loss of ₹2,158 crore in the same period last year.
The bank’s operating profit rose 53 per cent at ₹1,514.39 crore (₹986.49 crore in the same period last year).
For the full fiscal FY17, the bank’s net profit stood at ₹358.95 crore against a loss of ₹1,643.49 crore in the year-ago period.
Commenting on the bank’s performance, Arun Shrivastava, Managing Director and CEO, said the bank has recorded a profit of ₹359 crore for the year “by focussing on reduction in costs, increase in non-interest income, increase in advances under retail, agriculture and MSME segments, containing fresh slippages and recovery of non-performing assets.”
Asset qualityIn Q4, the bank’s gross non-performing asset (NPA) ratio rose to 8.50 per cent (6.70 per cent) and the net NPA ratio to 5.21 per cent (4.48 per cent).
The bank’s net interest margin (NIM) improved to 2.79 per cent from last year’s 2.14 per cent. Non-interest income grew 38 per cent year-on-year.
Cost of deposits (global) fell to 5.47 per cent (5.94 per cent in the same period last year). Return on assets stood at 0.14 per cent (-2.89 per cent last year).
Current account, and savings account (CASA) deposits improved 12 per cent to ₹75,865 crore.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.