Syndicate Bank Posts Rs 1,282 Crore Loss

Public Sector Bank Syndicate Bank has posted a net loss of Rs. 1,282 crore for the quarter ended 30th June 2018 is due to higher provisioning, reduction in Treasury Income and MTM depreciation. he highlights of Syndicate BAnk quarter result for 30th June 2018.

Highlights

– Global Business is at Rs. 4,74,976 crore.
– Domestic CASA share as on 30.06.2018 improved to 33.43% from 30.13% as on 30.06.2017.
– Domestic Advances increased by 7% y-o-y to Rs. 1,74,868 crore
– Priority Sector Advances increased by 5% y-o-y to Rs. 70,681 crore.
– RAM Advances increased by 5% y-o-y to Rs. 94,449 crore.
– Retail Advances increased by 11% y-o-y to Rs. 35,827 crore.
– Home Loan Portfolio increased by 15% y-o-y to Rs. 17,425 crore.
– Gross NPA Ratio stood at 12.59% and Net NPA Ratio at 6.64%
– Cash Recovery aggregated to Rs. 2,009 crore during the Q1 FY 18-19 against Rs. 559 crore during Q1 FY 17-18.
– Provision Coverage Ratio improved to 63.04%, up from 54.80% a year ago.
– Capital Adequacy Ratio stood at 11.84%.
– The operating expenses for the quarter ended 30th June 2018 relatively flat at Rs. 1,328 crore against Rs. 1,308 crore for the quarter ended 30th June 2017.

The overall provisions for the quarter ended 30th June 2018 increased to Rs. 1,840 crore from Rs. 1,410 crore during quarter ended 30th June 2017.

The Gross NPA stood at Rs. 26,362 crore as at 30th June 18 as compared to Rs. 25,759 crore as on 31st March 18 and in percentage terms, the Gross NPA ratio was 12.59% as at 30.06.18 as against 11.53% as on 31st March 18.

The Net NPA was at Rs. 13,011 crore as on 30th June 18 as against Rs. 13,239 crore as on 31st March 18 and in percentage terms, Net NPA ratio was 6.64% as on 30th June 18 as against 6.28% as on 31st March 18.

The networth of the Bank was at Rs. 10,012 crore as on 30th June 18 as against Rs. 11,771 crore as on 31st March, 18.

Continued thrust on Retail Business & Asset Quality. The Bank will focus on augmenting low cost (CASA) deposits & retail Deposits, retail credit, fee income, containing NPA, Resolution of large NPA accounts, recovery & up gradation and increasing digital transactions, while ensuring due focus on compliance and control measure.