Syndicate Bank net profit rises 24.5% to Rs 256 cr

Owing to higher core earnings, public sector lender Syndicate Bank has registered a 24.5 per cent rise in net profit to Rs 256.1 crore for the quarter-ended December.

While the total income rose 17.9 per cent to Rs 3,156.8 crore, the operating profit increased 67.6 per cent to Rs 712.1 crore.

The net interest income grew 60 per cent to Rs 712.1 crore. Net interest margin also improved to 3.6 per cent, as against 2.5 per cent an year earlier.

Also, the cost of deposit declined to 5.4 per cent from 5.8 per cent an year earlier. The yield on advances increased to 9.5 per cent from 9.3 per cent.

Total business grew 18 per cent to reach Rs 225,910 crore.

While deposits grew 14.8 per cent to Rs 124,603 crore, advances increased by 21.9 per cent to Rs 101,307 crore.

Gross non performing assets (NPAs) decreased to 2.32 per cent, as against 2.43 per cent an year earlier. Net NPAs reduced to 0.95 per cent from 1.02 per cent.

Capital adequacy ratio dropped to 11.7 per cent from 13.5 per cent last year.