Syndicate Bank has reportedly launched new products to ease customer transactions. The bank has launched fund transfer based on ‘Aadhaar Number through NUUP’, using an ordinary mobile phone without internet connection. The bank has also launched ‘Fund Transfer through IMPS’ at any branch for instantaneous credit to any bank account.
The bank has reported 73.79% fall in its net profit at Rs 79.13 crore for first quarter ended June 30, 2016 as compared to Rs 301.98 crore for the same quarter in the previous year. Total income of the bank increase by 1.51% at Rs 6419.12 crore for Q1FY17 for quarter under review from Rs 6323.42 crore for the corresponding quarter previous year.
The bank’s gross NPA for the April-June quarter of the current fiscal increased to 7.53%, as compared to 3.72% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 5.04% in Q1FY17.
