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Syndicate Bank raises Rs 400 crore through issue of Tier II bonds

24 Mar 2015 Evaluate

Syndicate Bank has issued unsecured redeemable non-convertible Basel III Compliant Tier II bonds in the nature of debentures aggregating to Rs 400 crore. The issue is fully subscribed. The coupon rate payable is 8.75% per annum which is payable annually. The issue opened on March 20, 2015 and closed on March 23, 2015. The maturity date of the issue is March 22, 2025.

The bank has registered a fall of 19.69% in its net profit at Rs 304.99 crore for third quarter ended December 31, 2014 under review as compared to Rs 379.76 crore for the same quarter in the previous year. However, total income of the bank has increased marginally by 18.17% at Rs 5921.58 crore for Q3FY15 as compared Rs 5011.28 crore for the corresponding quarter previous year.

Gross non-performing assets (NPAs) increased to 3.60% in the October- December quarter as against 2.80% in the same quarter previous year, while net NPAs stood at 2.38%.


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