Syndicate Bank has reported a 5.3 per cent growth in net profit for the September quarter on higher interest income and lower provisioning.
The Manipal headquartered public sector bank reported a net profit of Rs. 332.37 crore for the quarter ended September 30, 2015 agasint Rs. 315.60 crore in the corresponding quarter last year.
Net interest income, the difference between the interest earned and expended, grew 12 per cent to Rs. 1,594.75 crore from Rs. 1,422.48 crore in the corresponding period last year. Operating profit for the quarter was up 28 per cent at Rs. 1,225.30 crore against Rs. 953.87 crore in the corresponding last quarter.
Gross non performing assets grew to Rs. 7,734 crore (3.72 per cent of total advances) for the September quarter against Rs. 6,048.98 crore (3.43 per cent) in corresponding quarter last year. Net NPAs were up at Rs. 4,854.50 crore (2.37 per cent of the advances) against Rs. 3,825.32 crore (2.20 per cent). Syndicate Bank's provision coverage ratio stood at 63.37 per cent as of September 2015.
Syndicate Bank scrip was trading 2 per cent lower at Rs. 95.25 on the BSE tracking the earnings announcement.
The Manipal headquartered public sector bank reported a net profit of Rs. 332.37 crore for the quarter ended September 30, 2015 agasint Rs. 315.60 crore in the corresponding quarter last year.
Net interest income, the difference between the interest earned and expended, grew 12 per cent to Rs. 1,594.75 crore from Rs. 1,422.48 crore in the corresponding period last year. Operating profit for the quarter was up 28 per cent at Rs. 1,225.30 crore against Rs. 953.87 crore in the corresponding last quarter.
Gross non performing assets grew to Rs. 7,734 crore (3.72 per cent of total advances) for the September quarter against Rs. 6,048.98 crore (3.43 per cent) in corresponding quarter last year. Net NPAs were up at Rs. 4,854.50 crore (2.37 per cent of the advances) against Rs. 3,825.32 crore (2.20 per cent). Syndicate Bank's provision coverage ratio stood at 63.37 per cent as of September 2015.
Syndicate Bank scrip was trading 2 per cent lower at Rs. 95.25 on the BSE tracking the earnings announcement.
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