Left Menu
Development News Edition

BIZ-TL-SYNDICATE BANK

PTI | Hyderabad | Updated: 12-01-2019 21:24 IST | Created: 12-01-2019 21:24 IST
BIZ-TL-SYNDICATE BANK

Syndicate Bank hopes to

recover about Rs 1,500 crore from non-performing assets (NPAs)

over the next three to six months, chief executive officer and

managing director of the bank Mrutyunjay Mahapatra said here

Saturday.

The bank is adopting a combination of methods to

recover bad loans, he told reporters here.

It has formed a team of 1,500 people meant for taking

up the recovery process, in addition to special branches which

took up the task. The branches report directly to the

corporate office.

''As on September, our gross NPA was 12.9 per cent and

net NPA roughly 6.8 per cent,'' he said.

The NPAs in agriculture sector were also rising due

to expectations of loan waivers, he said.

''We are expecting that we will be profitable, kind

of a breakeven basis by the end of March and start getting

profits in June, Mahapatra said.

Currently, the bank has a total business of roughly

around Rs 4.80 lakh crore, comprising deposits of about Rs

2.50 lakh crore and advances of around Rs 2.15 lakh crore.

The bank is following a multi-pronged strategy of

managing the capital by taking assets which are highly rated

by external credit rating agencies, reducing NPAs and focusing

on retail and MSMEs (micro, small and medium enterprises) to

turn the bank into profitability, Mahapatra said.

The bank had reported losses earlier.

The net interest margin (NIM) is hovering in the

range of 2.25-2.5 per cent.

The bank is proposing to raise Rs 500 crore to Rs

600 crore through an employee share purchase scheme, he said.

''We are doing a employee share purchase scheme in

which we are proposing to raise Rs 500 crore to Rs 600 crore.

This will be one of the largest employee share purchase

schemes which is given in a public sector bank. We believe

that our bank has strong value, he said.

He also felt that a direct transfer of benefits in

farm sector like 'Rythu Bandhu' scheme in Telangana is better

as the loan waivers affected repayments.


TRENDING

OPINION / BLOG / INTERVIEW

South Africa's COVID-19 response: Surprising outcomes or just poor data management?

South Africa has been committed to improving its health information system and shows that a robust digital has considerable scope to improve healthcare for the entire population. But the COVID-19 pandemic has highlighted that significant ga...

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Videos

Latest News

After six months, Germany lifts blanket world travel warning

Germany lifted its blanket warning against travelling to all countries outside the European Union early on Thursday, although little is likely to change for most travellers under the new regulation. The cautious reopening, agreed by the Ger...

Seagram's liquor heiress gets six years for role in cult-like trafficking ring

Seagrams liquor heiress Clare Bronfman was sentenced to more than six years in prison on Wednesday for her role in a New York self-help organization that federal prosecutors say engaged in forced labor, extortion and sex trafficking.Bronfma...

Mainland China reports 12 new COVID-19 cases vs 19 a day earlier

Mainland China reported 12 new COVID-19 cases on Sept. 30, down from 19 a day earlier, the countrys health authority reported on Thursday.The National Health Commission said in a statement that all new cases were imported infections involvi...

Audience for Trump-Biden debate falls short of 2016 record

The first U.S. presidential debate between Republican President Donald Trump and Democratic rival Joe Biden attracted 13 fewer television viewers than the record-setting one four years ago, according to Nielsen data released on Wednesday. A...

Give Feedback