Syndicate Bank Posts Q3 Profit Of ₹108 Crore

Our Bureau

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.