Buoyed by a 60 per cent income in net interest income, Syndicate Bank posted a 24.5 per cent jump in net profit to Rs 256.19 crore during the third quarter of this fiscal, compared with Rs 205.74 crore recorded during the corresponding quarter of last year.
Its net interest income stood at Rs 1,150.28 crore (Rs 717.97 crore) boosted by a significant jump in other interests earned at Rs 36.46 crore (Rs 1 lakh). Operating profits also went up over 67 per cent to Rs 712.2 crore (Rs 424.74 crore).
During the quarter, the bank had also significantly increased its provisions to Rs 427.11 crore (Rs 143.94 crore), while at the same time bringing down the provisioning for taxes to Rs 25.52 crore (Rs 75.06 crore).
Gross NPAs stood at 2.32 per cent (2.43 per cent), while net NPAs had come down to 0.95 per cent (1.02 per cent). The bank's provision coverage ratio was 73.15 per cent.
The bank's cost of deposits has come down to 5.44 per cent (5.88 per cent), and yield on advances has gone up to 9.57 per cent (9.36 per cent). As a result, its net interest margin has seen an increase by 108 basis points to 3.58 per cent (2.5 per cent). The bank has reported a CASA (current account savings account) growth of 27 per cent.
Syndicate Bank's capital adequacy ratio stood at 11.74 per cent (13.48 per cent).
+1.jpg)
0 comments
Post a Comment