Syndicate Bank records Rs 93 Cr Profit in 3rd Q ended Dec 2016

Bengaluru/Mangaluru: Syndicate Bank recorded net profit of Rs.93 crore for the quarter ended December 31, 2016. The Bank had posted net loss of Rs.119 crore for the 3rd quarter in 2015-16, according to the data released by the bank.

Operating profit was at Rs.928 crore for the quarter ended this year as against Rs.913 crore recorded during the corresponding period of last year. Net Interest Income was Rs.1,391 crore for the quarter ended on December 31, 2016, as against Rs.1,516 crore during the corresponding period of last year.

The treasury and other income increased by 79 percent for 3rd quarter of financial 2016-17 and recorded Rs.986 crore, higher when compared to Rs.551 crore during the same period last year. The net interest margin for the third quarter of 2016-17 was at 2.16 percent.

As part of its new Initiatives for digital banking, the bank has developed mobile apps, ‘NPA Tracker’ to assist the bank branches to keep track and prevent slippages of accounts and ‘Geo tagging’ to keep track of the securities pertaining to loan accounts by linking the details of the securities to the collateral IDs of the loan accounts.

The bank has also created ‘Online Fee Collection facility to Small Institutions’, a module that supports on-line fee / donation collection to small non-commercial organizations like schools and temples who do not have a regular IT setup or a dynamic website.

Syndicate bank has developed electronic ‘ATM Fence’, a small electronic device that hides itself in the ATM, creates a virtual Geo Fence and alerts attempts on burglary through SMS and other means of communication.



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