Syndicate Bank Probationary Officers (PGDBF) Recruitment 2018

Syndicate Bank, one of the oldest and major commercial banks of India,  is inviting online applications from young and bright graduates who fulfill the eligibility criteria specified and who are interested in a Banking career for admissions to the One year Post Graduate Diploma in Banking and Finance course in Manipal Global Education Services Pvt Ltd. (MaGE), Bangalore and Nitte Education International Pvt Ltd. (NEIPL) Greater Noida / Mangalore. There are 500 posts in total. The selection will be based on Online Test followed by Group Discussion or/and Personal Interview. On successful completion of the course within the stipulated time period, the candidates would be offered appointment in the bank as Probationary Officer in Junior Management Grade / Scale-I. You can apply online from 2nd January 2018 to 17th January 2018. Check below for more details.

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RBI levies penalty on one of PSB for breaching KYC norms

Syndicate Bank has emerged as the latest entrant on the Reserve Bank ofIndia's hit list for violation of norms.

The central bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector lender for violating the Know Your Customer (KYC)/Anti-Money Laundering (AML) norms.

This comes on the heels of RBI fining private sector lender IndusInd Bank Rs 2 crore for non-compliance of asset recognition norms.

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PNB, Indian Bank, Syndicate Bank likely to launch QIPs this month

At least three state-run lenders—Punjab National Bank (PNB), Syndicate Bank and Indian Bank—are likely to launch their qualified institutional placement (QIP) offerings in the coming weeks, said three people aware of the development. Collectively, these three state-owned lenders are targeting to raise around Rs6,000-7,000 crore.

QIP is a capital-raising tool through which listed companies can sell shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into stocks, to a qualified institutional buyer. Of the three, PNB is likely to be the first to launch its QIP, as early as this week, said one of the three people cited above, requesting anonymity as he is not authorized to speak to reporters.

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Moody’s affirms ratings of 9 banks, downgrades IOB, Central Bank of India

Global rating agency Moody’s today affirmed ratings of nine banks, including Bank of India, Punjab National Bank and Axis Bank, at Baa3/Prime-3, and downgraded the ratings of Indian Overseas Bank and Central Bank of India to Ba3 from Ba1. Other banks whose rating was affirmed are Bank of Baroda, Canara Bank, Oriental Bank of Commerce, Syndicate Bank, Union Bank of India and ICICI Bank. “We continue to position the rated public sector banks in the “very high” government support bucket, reflecting the systemic importance of public sector banks in the country,” Moody’s said in a report.

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Syndicate Bank Q2 profit jumps nearly 28%

State-owned Syndicate Bank on Tuesday reported 27.68% jump in its July-September quarter profit to Rs105.24 crore on annual basis, notwithstanding rise in bad loans.

The Manipal-headquartered bank had posted a profit of Rs82.42 crore in the same quarter of the previous fiscal. The total was income was Rs6,419.21 in the second quarter of the fiscal, down from Rs6,574.93 crore in the comparable period of 2017-18, the bank said in a regulatory filing.

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Syndicate Bank reports Q1 net loss due to bad loans

Public sector Syndicate Bank on Saturday reported a net loss of Rs263.19 crore for the June quarter of the current fiscal due to sharp increase in provisions for bad loans. In comparison, it had reported a net profit of Rs79.13 crore in the June quarter of last fiscal, 2016-17.

The total income during the first quarter of the fiscal also fell to Rs6,171.49 crore, as against Rs6,419.12 crore in the year-ago period, the bank said in a regulatory filing. The bank’s provisioning to cover for bad loans jumped by 79% to Rs1,385.66 crore for the quarter under review, as against Rs774.41 crore a year ago.

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Four banks make presentations to Finance Ministry on consolidation plans

Four state-run lenders — Syndicate Bank, Canara Bank, Vijaya Bank and Dena Bank— have made presentations to the finance ministry on their consolidation plans. Government think tank Niti Aayog has also been asked to offer its suggestions on the amalgamation of public sector banks. A senior government official confirmed both developments. 

The government wants fewer, stronger and bigger state-run banks. State Bank of India absorbed five of its associate lenders and the Bharatiya Mahila Bank in April, creating a larger bank that accounts for a quarter of all outstanding loans. 

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Syndicate Bank Q4 result, profit at Rs103.84 crore

Syndicate Bank on Tuesday reported a net profit of Rs103.84 crore for the fourth quarter of fiscal 2016-17 compared to a loss a year ago on the back of lower provisions and higher other income.

Net profit for the quarter was Rs103.84 crore against a loss of Rs2,158.17 crore a year ago.

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Government demotes two top chief executives of Punjab National Bank and Bank of India

Sunil Mehta has been appointed to head Punjab National Bank, the country's second largest public sector bank, in place of Usha Ananthasubramanian, in a series of changes at public sector lenders. Dinabandhu Mohapatra has been promoted as chief executive officer of Bank of India, replacing Melwyn Rego. 

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Syndicate Bank Q3 result, Profit rises to Rs93 crore

Syndicate Bank on Tuesday reported a profit for the December quarter compared to a loss in the same quarter last year, owing to lower provisioning and higher other income.

Net profit for the quarter was Rs93.56 crore as compared to a loss of Rs119.67 crore a year ago. Three analysts polled by Bloomberg had forecast a net profit of Rs344.80 crore.

Net interest income (NII), or the core income a bank earns by giving loans, decreased 8.23% to Rs1,391.34 crore from Rs1,516.04 crore last year. Other income increased to Rs985.95 crore from Rs551.07 crore in the same period last year, a rise of 78.92%.

Gross non-performing assets (NPAs) rose 5.55% to Rs16,948.08 crore at the end of the December quarter from Rs16,056.73 crore in the September quarter. On year-on-year basis, it jumped 76.49% from Rs9,602.80 crore.Provisions and contingencies dropped 9.19% to Rs784.74 crore in the quarter from Rs864.14 crore a quarter ago. On a year-on-year basis, it lost 8.73% from Rs859.77 crore.

As a percentage of total loans, gross NPAs rose to 8.69% at the end of the December quarter from 7.72% in the previous quarter and 4.61% in the year-ago quarter.Net NPAs rose to 5.63% in the December quarter from 5.03% in the previous quarter and 3.04% in the same quarter last year.

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Syndicate Bank Q2 result, Profit drops 75%

Syndicate Bank on Wednesday reported 75.2% decline in its net profit for the September quarter due to higher provisioning towards bad loans. Fall in net profit was also due to drop in net interest income and rise in employee cost.

Net profit for the quarter was Rs.82.42 crore as compared to Rs.332.37 crore a year ago. According to estimates of two Bloomberg analysts, the bank was expected to post a net profit of Rs.157.40 crore.

Net interest income (NII), or the core income a bank earns by giving loans, fell 3.2% to Rs.1,544.48 crore in the September quarter from Rs.1,594.75 crore last year.

Other income increased 28.84% to Rs.791.87 crore fromRs.614.61 crore in the same period last year. Employee cost rose 46.7% from a year ago to Rs.878.28 crore.

Gross non-performing assets (NPAs) at Syndicate Bank rose 4.03% to Rs.16,056.73 crore at the end of the September quarter from Rs.15,434.26 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 107.60% fromRs.7,734.41 crore. As a percentage of total loans, gross NPAs were at 7.72% at the end of the September quarter as compared to 7.53% in the previous quarter and 3.72% in the year-ago quarter.

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Syndicate Bank Q1 Result, profit down 74% at Rs79 crore

State-owned Syndicate Bank on Thursday said net profit in the June quarter fell 74% from a year ago, as it set aside more money against soured loans.

Provisions rose to Rs.673.5 crore, up 40% from a year ago, while net profit fell to Rs.79 crore from Rs.302 crore in the same period.

The first quarter numbers, however, were an improvement from the Rs.2,158 crore loss that the bank reported in the January-March period. While announcing the loss last quarter, the bank had blamed an exceptional item worth Rs.882.64 crore, over and above the total provisions worth Rs.2,411.83 during the quarter. The exceptional item was due to a fraud that the bank reported during the March quarter.

The bank’s gross non-performing asset (NPA) ratio during the first quarter rose to 7.53%, as compared with 6.7% in the January-March period. As an absolute number, gross NPAs in the period were Rs.15,434.26 crore, up 11.6% from the fourth quarter of the last financial year.

Net NPA ratio during the first quarter rose 56 basis points (bps) on a quarter-on-quarter basis to 5.04%.

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Syndicate Bank Q4 loss at Rs 2158 cr, provisions jump 3-fold

Public sector lender Syndicate Bank has posted a loss of Rs 2,158.2 crore in January-March quarter against profit of Rs 416.92 crore in year-ago period, hit by sharp increase in provisions and exceptional loss.

The stock rallied more than 8 percent intra day after the bank said balance sheet has been cleaned up. Net interest income, the difference between interest earned and interest expended, grew by 2.7 percent to Rs 1,461.82 crore in Q4 compared to Rs 1,423.05 crore in corresponding quarter of last fiscal. 

"Global net interest margin declined to 2.14 percent in Q4 compared to 2.29 percent in year-ago period and domestic net interest margin fell to 2.5 percent from 2.6 percent in same period," the bank said. 

Provisions increased significantly by 237.2 percent year-on-year and 175.6 percent quarter-on-quarter to Rs 2,411.83 crore in quarter gone by. Syndicate Bank said exceptional loss of Rs 882.65 crore was on account of major fraud discovered at three branches of the bank in Jaipur region. 

Other income (non-interest income) rose 6 percent to Rs 842.28 crore while operating profit declined 15.5 percent to Rs 1,015.35 crore compared to same quarter last fiscal. 

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History of Syndicate Bank

Syndicate Bank established in the year 1925,  had its first office in the coastal region of Karnataka, Udupi. It was then named as 'Canara Industrial & Banking Syndicate Ltd'. The bank was initiated by a trio - Sri Upendra Ananth Pai, a businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician, with a capital of Rs. 8000. During that time, the crisis in the handloom industry crippled the local weavers completely. The main aim of Syndicate Bank was to provide financial assistance to them, by mobilizing small savings from the community.

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Syndicate Bank Q3 Loss at Rs 119 Crore

Syndicate Bank on Thursday reported a net loss of Rs 119.67 crore for the fiscal third quarter that ended on December 31, 2015, on account of provisioning for deferred tax.

The public sector bank had posted a net profit of Rs 304.99 crore for the corresponding period a year ago.

Syndicate Bank parked a substantial amount towards deferred tax liability and provisions that led to the loss on its books.

"Total income has increased to Rs 6,188.25 crore for the quarter ended December 31, 2015 from Rs 5,921.58 crore for the quarter ended December 31, 2014," it said in a filing to the BSE. 

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Top 10 Public Sector Banks in India 2016

Public Sector Banks are those banks in which a major part of stake is owned by the Government. Public Sector Banks keeps a strong hold on the banking sector in India and impact the economy of the country.

The history of Banking in India dates back to the year 1770, when the first bank was started. Presently, there are more than 100 banks operating in India and providing financial services to customers.
There are 27 public sector banks in India, which provide excellent and prompt services to customers. This post describes about the top 10 public sector banks in India 2016 by market capitalization.

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Top 10 Public Sector Banks in India 2015

Public Sector Banks are those banks in which a major part of stake is owned by the Government. Public Sector Banks keeps a strong hold on the banking sector in India and impact the economy of the country.

The history of Banking in India dates back to the year 1770, when the first bank was started. Presently, there are more than 100 banks operating in India and providing financial services to customers.

There are 27 public sector banks in India, which provide excellent and prompt services to customers. This post describes about the Top 10 Public Sector Banks in India 2015 by market capitalization:

1. State Bank of India

State Bank of India is the king among all public sector banks in India and leads this front. Incorportaed in the year 1955, State Bank of India presently has more than 13,000 branches in the country and over 190 foreign offices in the world.

State Bank of India is known for technologically advanced products and recently, SBI has launched SBIinTouch cards, which allow users to make payments by simply waving or touching card near contactless readers. These cards uses Near Field Communication Technology, in which card establish communication with contactless reader present in its proximity.

Headquartered in Mumbai, State Bank of India is the first bank to install ATM in Dras, a town located in Jammu and Kashmir. Apart from banking, SBI also provides services in fields like Life Insurance, General Insurance and Capital Markets through its subsidiaries.

Market Capitalization: Rs 2,10,302 Crore (As on 2nd June 2015)

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