Syndicate Bank has posted 302 per cent higher profits at Rs 434.82 crore for third-quarter (Q3) of financial year 2019-20 as against Rs 107.99 crore in the same period last year.

Bank’s total income is higher by 3.93 per cent at Rs 6316.57 crore as against Rs 6077.62 crore recorded last year. EPS for the quarter stood at Rs 1.62 as against Rs 0.75 posted last year.

For bank’s performance, Mrutyunjay Mahapatra, Managing Director and CEO, Syndicate Bank, attributed a number of initiatives like focussed NPA recovery, organisational restructuring, reward-recongnation for employees and MoU with verticals added to the profitability.”

“The bank has made provision and contingencies of Rs 901 crore during October-December quarter against rs 526 crore same period last year,” he added.

Segment revenues: Treasury operations Rs 1,605.04 crore (last year Rs 1,747.67 crore), Corporate/Wholesale banking operations Rs 1,865.64 crore (Rs 1,859.75 crore), Retail banking operations Rs 2,693.93 crore (Rs 2,350.33 crore) and other banking operations Rs 151.96 crore (Rs 119.87 crore).

Asset quality

Bank’s gross NPA stood at Rs 25,330.10 crore (last year Rs 26,184.66 crore), net NPA for Q3 is Rs 12,514.32 crore (last year Rs 13,211.17 crore) and percentage of gross NPA stood at 11.33 per cent as against 12.54 per cent last year. Percentage of net NPA stood at 5.94 per cent as against last year’s 6.75 per cent.

CASA deposit has increased by 8.13 per cent year-on-year. The Net Interest Income (NII) increased by 16 per cent, from Rs 1,619 crore to Rs 1,871 crore. Domestic NIM has increased by 46 bps from 2.80 per cent to 3.26 per cent. Overall cost to income ratio has declined from 71.68 per cent to 52.06 per cent.

The CRAR Ratio improved from 12.46 per cent to 14.36 per cent. CET has improved from 7.65 per cent to 9.51 per cent. Provision Coverage Ratio has improved from 64.81 per cent to 69.28 per cent.


The bank’s total business increased to Rs 5,00,971 crore as on December 31, 2019 as against Rs 4,67,911 crore recorded same period last year showing as increase of 7 per cent. The domestic business increased to Rs 4,44,033 crore at the end of Dec 2019 as compared to Rs 4,04,304 crore reported in its earlier corresponding period.

Deposits: The bank’s total deposits increased to Rs 2,77,368 crore as on Dec 2019 as against Rs 2,59,064 crore in its corresponding period of a year ago. On the advance front: The total advance of the bank as on Dec 2019 increased to Rs 2,23,603 crore as against Rs 2,08,847 crore same period last year. Retail and agriculture advances have shown growth of 7 per cent and 10 per cent respectively