Syndicate Bank has posted a fourfold increase in its net profit to ₹435 crore during the third quarter ended December 2019 due its focus on MSMEs and recoveries and reduction in NPAs.
In Q3, total income increased 3.93% to ₹6,316.57 crore. Gross NPAs dropped to 11.33% at ₹25,330.10 crore compared with the year-earlier period’s 12.54%.
Net NPAs stood at ₹12,514.32 crore, down to 5.94% from the 6.75% a year ago.
The quarter saw bank’s overall cost-to-income ratio declining from 71.68% to 52.06%. Total business increased 7% to ₹5,00,971 crore as on December 2019It’s domestic business increased to ₹4,44,033 crore compared with ₹4,04,304 crore.
Total deposits increased to ₹2,77,368 crore against ₹2,59,064 crore a year ago while total advances rose to ₹2,23,603 crore against ₹2,08,847 crore.
Retail and agriculture advances grew 7% and 10% respectively, according to the lender.
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