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Syndicate Bank Q3 net at 93 cr
Syndicate Bank recorded a net profit of Rs 93 crore for third quarter ended December 31, 2016. Bank’s operating profit marginally rose to Rs 928 crore from Rs 913 crore in the previous corresponding period.
Hyderabad: Syndicate Bank recorded a net profit of Rs 93 crore for third quarter ended December 31, 2016. Bank’s operating profit marginally rose to Rs 928 crore from Rs 913 crore in the previous corresponding period. The public sector bank’s treasury and other income increased by 79 per cent to Rs 986 crore from Rs 551 crore during financial year 2015-16.
The net margin for the quarter of this fiscal was at 2.16 per cent, while return of equity rose to three per cent for the quarter from a negative 3.82 per cent in the previous period. The net interest income fell 125 crore, while capital adequacy ratio (CAR) was at 12.33 per cent as on December 31, 2016, as against 10.91 per cent in corresponding period of last financial year.
Cost of deposits eased from 6.10 per cent to 5.82 per cent for the quarter. Bank’s gross NPA rose to 8.69 per cent from Rs 9,603 crore to Rs 16,948 crore, while net NPA increased 5.63 per cent. The global business was Rs 4,65,886 crore consisting deposits of Rs2,70,795 crore and advances of Rs1,95,091 crore for the quarter. During the quarter, the bank developed a mobile app 'NPA tracker' to keep track securities.
