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Syndicate Bank would focus on improving its asset quality during the current financial year.
According to Melwyn Rego, MD and CEO, Syndicate Bank, the aim is to bring down gross non-performing assets (NPA) to 8.75 per cent from the current level of 9.96 per cent and net NPAs to 5 per cent from the present level of 6.27 per cent in the near future.
Heavy provisioning for bad assets had dragged down the bank’s profitability during the first quarter ended June 30, 2017. The bank posted a net loss of Rs 263.19 crore in Q1 of 2017-18, compared to a profit of Rs 79.13 crore in the same period last year.
Provisioning during the quarter under review increased by 79 per cent to Rs 1,243 crore (Rs 696 crore same period last year), primarily on account of a rise in fresh slippages.
Inaugurating Syndicate Bank’s regional office at Siliguri, Rego said, moving forward the bank would focus on mobilising CASA deposits and growing its advances to the retail, agriculture and MSME sectors.
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