An 85 per cent jump in net interest income (NII) helped Syndicate Bank post a 35 per cent increase in net profit at Rs 237 crore during the second quarter of this fiscal compared with net profit of Rs 176 crore in the corresponding quarter of last year.
The bank's NII stood at Rs 1,108 crore (Rs 598 crore). Its operating profit more than doubled to Rs 778 crore (Rs 380 crore).
The net interest margin (NIM) of the bank has also made a significant improvement to 3.55 per cent (2.18 per cent), largely on the back of reduced cost of deposits at 5.14 per cent (6.44 per cent). Though yield on advances has also dipped to 9.39 per cent (9.54 per cent), the reduction in
cost of deposits is higher, thus contributing to a growth in NIM.
Syndicate Bank has maintained its non-performing asset levels; gross NPA stood at 2.24 per cent (2.25 per cent), while net NPA was 0.97 per cent (0.91 per cent).
The bank made provisions of Rs 449.63 crore (Rs 132.47 crore) during the quarter.
Its capital adequacy ratio was 12.21 per cent (13.26 per cent).
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