BENGALURU: Syndicate Bank has posted a net profit of Rs 251 crore for Q2FY20 against the loss of Rs 1,543 crore during the corresponding quarter last fiscal. The operating profit of the bank rose by 68 per cent YoY at Rs 956 crore, against Rs 570 crore reported in Sept ember 2018 quarter.
The Net Interest Income (NII) has increased by 11 per cent from Rs 1,572 crore in Q2FY19 to Rs 1,739 crore in Q2FY20.
The bank said its overall cost to income ration has declined to 61.52 per cent for Q2FY20 from 72.35 per cent in the same quarter last year. The global businesses of the bank increased to Rs 4,81,081 crore from Rs 4,75,225 crore in the last quarter.
“During the Q2 of FY20, our bank achieved excellence in key parameters. The various initiatives resulted in excellent growth of business, profit and assets quality. We are continuing our focus on business growth, retail share, IT-enabled services and maximising NPA recovery. The capital adequacy remained excellent and pipeline of new corporate and retail loans are robust. The growth projections are very much achievable.” said Mrutyunjay Mahapatra managing director, Syndicate Bank.