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Syndicate Bank net profit at Rs 108 cr

Syndicate Bank net profit at Rs 108 cr
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Reversing its lossmaking spree during the past four quarters, Syndicate Bank on Saturday announced a net profit of Rs 108 crore during the...

Hyderabad: Reversing its loss-making spree during the past four quarters, Syndicate Bank on Saturday announced a net profit of Rs 108 crore during the October-December quarter of financial year 2018-19. The bank’s CASA (current and savings account) percentage for domestic deposits increased to 34.96 per cent during the December quarter of FY19 from 33.49 per cent during the September quarter.

The global business of the bank stood at Rs 4,67,911 crore. The gross NPA ratio improved to 12.54 per cent in the third quarter, compared to 12.98 per cent in the second quarter, while the net NPAs stood at 6.75 per cent in Q3FY19, against 6.83 per cent in Q2FY19.

The share of retail term deposits as a percentage to total term deposits has also improved from 56.41 per cent as on September 18 to 60.58 per cent as on Dec 18. The Bank’s credit portfolio continues to be diversified with share of retail, agriculture, MSME at 55 per cent of the domestic advances.

The net interest income (NII) has improved by 3 per cent, from Rs1,572 Crore in September 2018 quarter to Rs 1,619 crores in December 2018 quarter.

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