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Published on 31/10/2019 3:17:31 PM | Source: Dion Global Solutions Ltd

Syndicate Bank posts Q2 net profit of Rs 251.05 cr

The bank reported standalone net profit during the quarter stood at Rs 251.05 crore compared to net loss of Rs 1542.54 crore in the previous year quarter. Interest income of the bank rose by 0.15 per cent at Rs 5407.25 crore for the quarter ended September 30, 2019 as against Rs 5399.31 crore in the corresponding period last year. During the July-September quarter, total income rose marginally by 4.49 per cent to Rs 6,153.10 crore from Rs 5,888.87 crore in the year ago period. Meanwhile, operating expenses dropped by 2.29 per cent to Rs 5,196.74 crore from Rs 5,318.80 crore in the same period last year. Operating profit surged 67.76 per cent to Rs 956.36 crore from Rs. 570.07 crore.

Provisions and Contingencies slipped by 71.18 per cent at Rs 638.94 crore from Rs 2,217.26 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 10.62 per cent at Rs 1,739.25 crore versus Rs 1,572.29 crore in the year ago period. Non-interest income rose 52.35 per cent year-on-year to Rs 745.85 crore.

On the asset side, gross non- performing assets (NPAs) fell to 11.45 per cent of the gross advances as at the end of September 30, 2019 from a level of 12.98 per cent year earlier. Its net NPAs or bad loans too declined to 5.98 per cent of net advances on September 30, 2019 from 6.83 per cent a year ago.