Syndicate Bank posts Rs 954 crore profit for second quarter

MANGALURU: Operating profit of Syndicate Bank for the second quarter of this fiscal increased to Rs 954 crore as against Rs 811 crore in corresponding quarter last fiscal (up 18% y-o-y). The net profit in second quarter stood at Rs 316 crore. Global business increased from Rs 346156 crore in second quarter last fiscal to Rs 415690 crore in the corresponding quarter this fiscal (up 20.09% y-o-y), executive director M Anjaneya Prasad said on Friday.
Domestic business increased from Rs 28,8383 crore in the second quarter last fiscal to Rs 35,4156 crore as in the second quarter this fiscal (up 22.81% y-o-y). Global deposits increased from Rs 19,0820 crore in Q2 of FY 2013-14 to Rs 23,9215 crore in Q2 of FY 2014-15 (up 25.36% y-o-y). Domestic deposits increased from Rs 16,5710 crore in second quarter of FY 2013-14 to Rs 21,3492 crore in the second quarter of FY 2014-15 (up 28.83% y-o-y).
Global advances increased from Rs 15,5336 crore in Q2 of FY 2013-14 to Rs 17,6475 crore in Q2 of FY 2014-15. Domestic advances increased from Rs122673 crore of Q2 in FY 2013-14 to Rs 14,0664 crore in Q2 of FY 2014-15 (up 14.67% y-o-y). Domestic CASA deposits increased from Rs 5,3720 crore during Q2 of FY 2013-14 to Rs 63778 crore in second quarter of this fiscal. Domestic CASA deposits stood at 29.87% of total domestic deposits
Savings bank deposits has gone up by 11.04% from Rs 39,173 crore as on September 30, 2013 to Rs 43,496 crore as on September 30, 2014. Gross NPA ratio stood at 3.43% in second quarter of FY 2014-15 as against 2.88 % in second quarter of last fiscal. Net NPA ratio stood at 2.20% in second quarter this fiscal as against 1.66% in second quarter of last fiscal. Provision coverage ratio stood at 65.38% in second quarter of current fiscal.
Bank has opened 90 branches during second quarter of FY 2014-15 taking total number of branches to 3451 as on date (including a branch in London) comprising of 1128 rural, 890 semi-urban, 732 urban and 700 metro branches. Bank has plans to open 300 branches and 27 mid corporate branches during the FY 2014-15. Bank is also approaching for permission to open branches in Hong Kong, Dubai Financial Centre, South Africa and China.
The bank has opened 2,15,4557 accounts under PMJDY with balance of Rs 86.12 crore and issued 728509 RuPay Cards under it as on September 30. Under DBT, bank has opened 131926 beneficiaries' accounts and benefits amounting to Rs 2599.09 lakh have been credited to the accounts. The bank has also set up 799 ATMs in DBT districts to facilitate the beneficiaries to withdraw benefits credited to their accounts without any hassles.