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Syndicate Bank Merged Directors Report

15.15
(3.41%)
Mar 19, 2020|03:51:37 PM

Syndicate Bank Merged Share Price directors Report

The Board is pleased to present Directors Report of the Bank along with the Audited Balance Sheet as at 31st March, 2018 and the Profit & Loss Account Statement for the Financial Year ended 31st March, 2018.

Financial Performance

The snapshot of your Banks financial performance is as below: ( in crore)

Particulars

31.03.2017

31.03.2018

Variation (%)

Total Deposits

2,60,561

2,72,776

4.69

Of which-Domestic Deposits

2,34,543

2,41,092

2.79

Overseas Deposits

26,018

31,684

21.78

Domestic Deposits

2,34,543

2,41,092

2.79

Of which-Current Account Deposits

11,535

12,016

4.17

Savings Deposits

64,257

68,346

6.36

CASA Deposits (Domestic)

75,792

80,362

6.03

Domestic CASA to Domestic
Deposits (%)

32.32

33.33

Advances

2,07,065

2,23,346

7.86

Of which-Domestic Advances

1,71,377

1,81,477

5.89

Overseas Advances

35,688

41,869

17.32

Total Assets

3,23,977

2,99,073

-7.69

Net Interest Income (NII)

6,276

6,552

4.40

Other Income

3,457

2,806

-18.83

Of which-Fee Income

757

710

-6.21

Profit on sale of Investment

1,740

946

-45.63

Recovery from Prudential written off
accounts

376

488

29.79

NII+ Other Income

9,733

9,358

-3.85

Operating Expenses

5,500

5,494

-0.11

Operating Profit

4,233

3,864

-8.72

Provisions

3581

8253

130.47

Of which; Provisions for NPAs & Bad debts written off

3,694

7,707

108.64

Profit Before Tax

652

-4,389

-

Provision for Tax

293

-1,166

-

Net Profit

359

-3,223

-

Appropriations/Transfers
Statutory Reserve

90

0

Capital Reserve

96

62

Revenue and other Reserves

-

-

(i) General Reserve

0

-3,285

(ii) Special Reserve u/s 36(l)(viii) of the Income Tax Act 1961

173

0

(iii) Investment Reserve Account

0

0

(iv) Transfer from Excess Appropriation of previous year

0

0

Key Performance Indicators
Average Cost of Funds

5.53

4.94

Average Yield on Funds(%)

7.60

7.06

Average Earning Assets

2,65,325

2,68,375

Net Interest Margin (%)

2.37

2.44

Cost-Income Ratio (%)

56.51

58.71

Return on Assets (ROA) (%)

0.12

-1.05

Return on Equity (%)

3.02

-26.68

Book Value per share () inclusive of revaluation reserve, FCTR& Net DTA

154.64

105.43

EPS ()

4.21

-34.00

*Face value of the share 10/-

The financial year 2017-18 had been a mix of opportunities and challenges. Despite the challenges, your Bank performed well during the year leveraging various market opportunities.

The total business of your Bank increased from 4,67,626 crore as of March 31, 2017 to 4,96,122 crore, as of March 31, 2018 posting a growth of 6.09% over the previous year. The net interest income (NII) of the bank increased by 4.40% to 6,552 crore as of March 31, 2018, while other income decreased by 18.83% to 2,806 crore.

Your Bank posted an operating profit of 3,864 crore during FY 2017-18, registering a decline of 8.72%. The provision cost (other than taxes) increased by 130.47% to 8,253 crore compared to 3,581 crore last year.

For the year ended March 31, 2018, the return on average assets was -1.05% while return on equity was -26.68%. The earnings per share (FV 10/-) were -34.00.

Capital Adequacy Ratio (CAR) (in %)

31.03.2017

31.03.2018

Capital Adequacy-Basel III

12.03

12.24

CET-I

7.50

7.56

Tier-I

9.26

9.41

Tier-II

2.77

2.83

Capital Adequacy Ratio at 12.24% under Basel III was well above the regulatory requirements as of March 31, 2018. Tier1 ratio was at 9.41% and common equity Tier 1 (CET-1) was at 7.56% under Basel III framework. Bank raised 450 crore of debt capital by way of AT-1 bonds, 500 crore of debt capital by way of Tier II bonds and equity capital through QIP of 1,150.80 crore followed by Government of India infusion of 2,839 crore in the month of March 2018. Banks Net Worth as of March 31, 2018 was 11,771 crore comprising paid-up equity capital of 1,417 crore and reserves (excluding revaluation reserves, FCTR & Net of Intangible assets) of 10,354 crore. The book value of share (FV 10/-) was 105.43.

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