Money & Banking

Syndicate Bank profit up 27.6%

Our Bureau Bengaluru | Updated on January 09, 2018

Syndicate Bank has posted 27.68 per cent higher profit at ₹105.24 crore for the second quarter (Q2) of the financial year 2017-18, compared with ₹82.42 crore in the same period last year.

Total income of the bank fell 2.36 per cent to ₹6,419.21 crore from ₹6,574.83 crore in the corresponding year-ago quarter.

Asset quality

Gross NPA (non-performing asset) ratio in Q2 stood at 9.39 per cent (7.72 per cent last year), and net NPA ratio at 5.76 per cent (5.03 per cent).

Provision coverage ratio improved to 56.21 per cent from 54.80 per cent in Q1.

Net interest income rose 7 per cent to ₹1,649 crore (₹1,545 crore in Q2 FY17).

Net interest margin (domestic) improved to 2.91 per cent (2.70 per cent).

Cost of deposits (half-yearly comparison) has come down to 5.23 per cent from 6.06 per cent last year.

Capital adequacy ratio (Basel III) rose to 12.17 per cent as at September 30, 2017, from 11.35 per cent a year earlier.

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Published on October 31, 2017
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