Syndicate Bank Q3 Net Declines 20% at Rs 305 Crore

Posted By: Staff
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New Delhi, Feb 11 (PTI) State owned Syndicate Bank has registered a decline of around 20 per cent in net profit for the third quarter ended December 2014 at Rs 304.99 crore.

Bank's net profit in the corresponding October-December quarter of previous fiscal stood at Rs 379.76 crore.

Syndicate Bank Q3 Net Declines 20% at Rs 305 Crore
Syndicate Bank: Quotes, News
BSE 64.35BSE Quote0.6 (0.93%)
NSE 64.15NSE Quote0.75 (1.17%)
Total income has increased from Rs 5,011.28 crore for the quarter ended December 31, 2013 to Rs 5,921.58 crore for the quarter ended December 31, 2014," it said in a filing to the BSE.

The net interest margin, a gauge of profitability, fell to 2.25 per cent during Q3-FY15, from 2.76 per cent in Q3-FY14.

On the asset front, gross non performing assets (NPAs) or bad loans increased to 3.6 per cent of gross advances, from 2.8 per cent in the year ago period.

Net NPAs were at 2.38 per cent of net advances in the third quarter of 2014-15, up from 1.66 per cent during the same period a year earlier.

It opened a total of 101 branches during Q3, including one in London, taking the total to 3,463. Syndicate Bank shares were trading 7.42 per cent higher at Rs 112.15 apiece on BSE in the late afternoon trade.


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