2017-06-23 :TSIIC ties up with Syndicate Bank to extend loans for projects
Telangana State Industrial Infrastructure Corporation (TSIIC) has announced its tie up with Syndicate Bank to extend loans for executing projects and establishing industrial parks in the state. Under the arrangement, financial aid will also be extended to companies and industrialists setting up facilities through TSIIC.
2017-05-10 :Syndicate Bank posts net profit of Rs.104 crore
Leading public sector lender, Syndicate Bank, has posted a net profit of Rs. 104 crore for the fourth quarter of FY17, despite registering higher NPAs. The increase in bank’s profit is backed by strong growth in advances under retail, agriculture and MSME segments, other income and lower cost of funds.
2017-04-09 :Syndicate Bank cuts base rate
Syndicate Bank has reduced its base rate by 10 bps from 9.60 per cent to 9.50 per cent. However, the bank has made no changes to its marginal cost-based lending rate (MCLR) and benchmark prime lending rate (BPLR). The one year lending MCLR of the bank stands at 8.75 per cent and BPLR at 13.85 per cent.
2017-03-28 :Syndicate Bank evaluates options to recover dues from GVK Power and Infrastructure
Syndicate Bank has failed to evoke response from potential buyers for its proposed auction of land assets of GVK Group for recovering an outstanding loan of Rs. 175 crore. As per sources, the bank is exploring news options and planning to conduct a new auction to realise its dues from the company.
2016-07-28 :Syndicate Bank posts Q1 Net Profit at R79 cr, NPAs up
Syndicate Bank reported a net profit of Rs 79.13 crore , which is lower by 73.9 percent compared to year ago period . The results of this year are not comparable to past year due to exceptional write-off.
The Bank stated in its regulatory filing that Previous quarter results are not comparable with the current quarter since there was an exceptional item of write-off on account of fraud at three branches of Jaipur region.
The total income showed a slight increase by 1.5percent to R6, 419 crore, while interest income increased by 4.7percent to Rs. 1479 crore compared to a year ago period . .
Asset Quality deteriorated as the Gross NPAs in June Quarter were 7.53% of gross advances , compared with 3.72%a year ago . Net NPAs stood at 5.04%, compared with 2.36% in the year-ago period. The bank has upgraded NPAs of Rs 220.42 crore and made recoveries of Rs444.70 crore.
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