Syndicate Bank to Achieve Rs 500-1,000 Crore Profit in FY 19-20

Public Sector Syndicate Bank aims to achieve profit between Rs 500 to Rs 1,000 crore in FY 2019-20. The proposed profit is based on the fact that the bank’s Non-Performing Assets (NPA) came down to 6.1 per cent from 12 per cent.

Syndicate Bank MD and CEO Mrutyunjay Mahapatra said, “We faced losses in the first two quarters of the 2018-19 fiscal due to NPA situations, but now it is under control and we are now trying to recover from losses. We will hope to achieve profit between Rs 500 crore and Rs 1000 crore in FY 2019-20. Bank started making profit from the December and March quarters 2018-19. The bank posted a profit of Rs 108 crore and Rs 128 crore in the December and March quarters of FY 2018-19.”

He further said that the NPA percentage will come down to 5.4 per cent in March 2022.

Currently, the bank is boosting its digital banking section. The bank is investing between Rs 500 crore and Rs 700 crore per month to improve its digital platform.

The bank is also planning to expand its network across the country. It will soon open 200-250 branches across India. It has also planned to hire 1,200 employees this year. At present, it has 36,000 of employees working across the country.

Syndicate Bank is sixth largest bank and it has deposits to the tune of Rs 2.70 lakh crore and advances worth Rs 2.15 lakh crore.