Public Sector Bank, Syndicate Bank has reported an increase in net profits to Rs 470 crores for quarter ending Sept 30, 2013, as against Rs 452 crores in the previous quarter ending June 30, 2013.
Gross non performing assets for the quarter were placed at 2.88%, as against 2.38% in the previous quarter. Net non performing assets have also risen to 1.66 from 1.19% in the previous quarter.
Syndicate Bank is the second public sector bank to have reported numbers after Indian Overseas Bank declared results last week. So far results of PSU banks have largely been in line with estimates.
The trend of non performing assets increasing seems to be continuing at public sector banks.
The shares of Syndicate Bank were down almost 1% on the National Stock Exchange.
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