Syndicate Bank Records Rs 359 Cr as Net Profit in FY 2016-17

Mangaluru: Mangaluru based Syndicate bank has recorded a net profit of Rs 359 crore for the year ended March 31, 2017 as against a loss of Rs 1643 crore a year ago, by focusing on reduction in costs, increase in non interest income, rise in advances under retail, agriculture and MSME segments, containing fresh slippages and recovery of non performing assets.  

The bank has recorded net profit of Rs 104 crore for the quarter ended March 31, 2017. (The bank had posted net loss of Rs 2158 crore for the quarter ended March 31, 2016). Operating profit was higher at Rs.1514 crore for the quarter ended 31st March 2017as against Rs 986 crore recorded during the corresponding period of last year.

Net Interest Income was higher at Rs 1861 crore for the quarter ended March 31, 2017as against Rs.1, 462 crore during the corresponding period of last year. The other income increased by 33.45 percent for 4^th quarter of FY 2016-17 and recorded Rs 1125 crore as against Rs 842 crore during the corresponding period of last year.

The Net Interest Margin (Global) for the 4^th quarter of 2016-17 improved to 2.79 percent from 2.14 percent during the corresponding period of last year. The return from assets increased to 0.14 percent for the 4^th quarter of 2016-17.The Bank had recorded negative return (-2.89 percent) for the 4^th quarter of 2015-16.