Syndicate Bank has entered into a tie-up with National Collateral Management Services (NCML) to provide funding for farmers and traders against their commodities stored at warehouses. The objective is to assist industries, traders and farmers in financing their capital requirements at all stages of the supply chain, ranging from pre-harvesting to marketing and export stages.
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.
