India Ratings & Research assigns rating to bank facilities of Syndicate Bank

Syndicate Bank has received rating of ‘AA-‘ with stable outlook from India Ratings & Research for the proposed issue of Basel III compliant AT1 (Additional Tier I) Bonds amounting to Rs 1,800 crore. The bank has also received rating of ‘AA-‘ from CARE (Credit Analysis & Research) ratings for the proposed issue of said bonds.

The bank has reported a net loss of Rs 119.67 crore for third quarter ended December 31, 2015 under review as compared to a net profit of Rs 304.99 crore for the same quarter in the previous year. However, total income of the bank has increased by 4.50% at Rs 6188.25 crore for quarter under review as compared to Rs 5921.58 crore for the quarter ended December 31, 2014.  

Gross non-performing assets (NPAs) increased to 4.61% in the October- December quarter as against 3.60% in the same quarter previous year, while net NPAs stood at 3.04%.