Money & Banking

Syndicate Bank posts Q3 profit of ₹108 crore

Bengaluru | Updated on February 05, 2019 Published on February 05, 2019

Syndicate Bank has posted a net profit of ₹107.99 crore for the third quarter of financial year 2018-19, against a loss of ₹869.77 crore in the same period last year.

The bank’s total income was higher by 2.22 per cent at ₹6,077.62 crore, against ₹5,945.15 crore recorded last year. EPS for the quarter stood at ₹0.75, against ₹9.97 posted last year.

“The bank has reversed the loss-making trend from the past four quarters to post a net profit of ₹108 crore during Q3 ending December 2018,” said Mrutyunjay Mahapatra, Managing Director and CEO, Syndicate Bank.

“The bank’s upgradation and recovery increased to ₹3,716 crore in Q3 against ₹2,408 crore in Q2 FY19. The bank continues to target capital lite assets, and the share of A and above-rated advances improved from 65 per cent as on September 30, 2018, to 69 per cent as on December 31, 2018.”

The bank’s gross NPA stood at ₹26,184.66 crore (₹21,102.95 crore last year), while net NPA for Q3 was ₹13,211.17 crore (₹11,410.25 crore); percentage of gross NPA stood at 12.54 per cent against 9.62 per cent last year. Percentage of net NPA stood at 6.75 per cent against last year’s 5.44 per cent.

Published on February 05, 2019
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