Industry

Syndicate Bank’s Q3 profit rises fourfold

Mandya Karnataka 24_April_2017 : A bag containing Rs.15 lakh in cash went missing under mysterious circumstances from the Syndicate Bank’s Ashok Nagar branch in Mandya on April 24, 2017.

Mandya Karnataka 24_April_2017 : A bag containing Rs.15 lakh in cash went missing under mysterious circumstances from the Syndicate Bank’s Ashok Nagar branch in Mandya on April 24, 2017.   | Photo Credit: Special Arrangement

Lender focusses on NPA reduction

Syndicate Bank has posted a fourfold increase in its net profit to ₹435 crore during the third quarter ended December 2019 due its focus on MSMEs and recoveries and reduction in NPAs.

In Q3, total income increased 3.93% to ₹6,316.57 crore. Gross NPAs dropped to 11.33% at ₹25,330.10 crore compared with the year-earlier period’s 12.54%.

Net NPAs stood at ₹12,514.32 crore, down to 5.94% from the 6.75% a year ago.

The quarter saw bank’s overall cost-to-income ratio declining from 71.68% to 52.06%. Total business increased 7% to ₹5,00,971 crore as on December 2019It’s domestic business increased to ₹4,44,033 crore compared with ₹4,04,304 crore.

Total deposits increased to ₹2,77,368 crore against ₹2,59,064 crore a year ago while total advances rose to ₹2,23,603 crore against ₹2,08,847 crore.

Retail and agriculture advances grew 7% and 10% respectively, according to the lender.

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Printable version | Feb 27, 2020 7:48:29 AM | https://www.thehindu.com/business/Industry/syndicate-banks-q3-profit-rises-fourfold/article30794926.ece

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