Bangalore February 1st, 2014: Syndicate Bank’s profits declined 25.19 per cent to Rs. 380 crore in the third quarter of this fiscal, compared to Rs. 508 crore in the same period last financial year.
Total income during the quarter increased 11.60 per cent to Rs. 5,011 crore from Rs. 4,490 crore last year. EPS (basic) of the bank stood at Rs. 6.31 ( Rs. 8.45 last fiscal).
“MAT credit of Rs. 141 crore was availed in Q3 of 2012-13, this year it is not available. If the same is excluded, there is an increase of Rs. 13 crore in the net profit in Q3 of 2013-14,” Sudhir Kumar Jain, Chairman and Managing Director, told reporters.
“This quarter MSME credit grew by 17 per cent, MSE by 19 per cent and vehicle loan by 19 per cent. The third quarter also saw good amount of recovery ( Rs. 560 crore) and we hope to repeat it in Q4,” he added.
As for the bank’s asset quality, gross NPA stood at Rs. 4,401 crore (previous year Rs. 3,160 crore) and net NPA at Rs. 2,567 crore ( Rs. 1,141 crore). Percentage of gross NPA during the quarter was 2.80 (2.31) and net NPA 1.66 (0.85)
Net interest income (NII) was marginally lower at Rs. 1,359 crore (last year Rs. 1,400 crore). The net interest margin (NIM) stood at 2.76 per cent in Q3 (last year 3.29 per cent).
Domestic deposits grew 12.64 per cent to Rs. 1,69,769 crore ( Rs. 1,50,723 crore). Advances increased 7.21 per cent to Rs. 1,24,735 crore ( Rs. 1,16,347 crore).- Business Line
