Money & Banking

Syndicate Bank posts ₹251-cr profit

Our Bureau Bengaluru | Updated on October 31, 2019

Syndicate Bank has posted a profit of ₹251 crore in the second quarter of financial year 2019-20, against a loss of ₹1,542.54 crore in the same period last year. The bank’s total income is higher by 4.48 per cent at ₹6,153.10 crore against the ₹5,888.87 crore recorded last year. EPS for the quarter stood at ₹0.94 against last year’s ₹10.88.

“During the Q2, our bank achieved all key parameters. The various initiatives resulted in growth of business, profit and assets quality. We are continuing our focus on business growth, retail share, IT-enabled services and maximising NPA recovery,” said Mrutyunjay Mahapatra, Managing Director and CEO, Syndicate Bank.

“The capital adequacy remained excellent and pipeline of new corporate and retail loans are robust. The growth projections are very much achievable,” he added.

The bank’s gross NPA stood at ₹25,382.26 crore (last year it was ₹27,131.14 crore), while net NPA is ₹12,481.35 crore (₹13,321.30 crore); the percentage of gross NPA stood at 11.45 per cent against 12.98 per cent last year. The percentage of net NPA stood at 5.98 per cent against last year’s 6.83 per cent.

Net Interest Income (NII) increased by 11 per cent from ₹1,572 crore in the September 2018 quarter to ₹1,739 crore in the September 2019 quarter.

Published on October 31, 2019

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