Syndicate Bank’s Q3 profit shoots up and the bad loan take a fall

Syndicate Bank on Tuesday said its total profits in December for the 2019 quarter had grown to Rs 434.82 crore as bad loans declined. Public sector lenders have registered a profit of Rs 107,99 crore over the past year.

Total revenue per quarter increased to Rs 6,316.57 crore from Rs 6,077.62 crore over the same period of 2018-19, Syndicate Bank said in an official file. Bad loans or good NPAs amounted to 11.33 percent of major developments on December 31, 2019, from 12.54 percent at the end of the same month last year. A major portion of this was made up by Syndicate Bank Personal Loan.

Overall, the major NPAs stood at Rs 25,330.10 crore compared to Rs 26,184.66 crore in the past. Net NPAs were 5.94 percent (Rs 12,514.32 crore), down from 6.75% (Rs 13,211.17 crore).However, the bank made a higher provision of Rs 1,286.64 crore with bad loans per quarter compared to Rs 909.82 crore in the past. All supplies and emergencies were Rs 1,044.98 crore compared to Rs 497.14 crore last year.

The bank said it restructured 14,574 MSME accounts, according to the RBI’s order of assistance, costing Rs 465.84 crore from January 1 to December 31, 2019. When disclosed about the 2018-19 negative loan variance, the bank said the annual residual loss was reduced to Rs 3,358.56 crore, which is more than the Rs 2,588.29 crore previously reported.

The variance of the major NPAs in 2018-19 has entered into Rs 5 crore as the bank reported it to be Rs 24,680.37 crore, while the RBI is testing it to Rs 24,685.37 crore. There was a fall of 1,179 crores in the NPA’s annual division as the bank reported it was at Rs 12,627.73 crore and the RBI test stood at Rs 11,448.73 crore.

In today’s time where so many lenders have come up with their exciting deals with the offering of Personal Loans, it has become difficult for the borrowers to decide and select one single lender that suits their needs and situations the best.

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