Syndicate Bank net down 38 percent in Q1

State-run Syndicate Bank on Tuesday reported net profit of Rs.302 crore for first quarter of 2015-16 as against Rs.485 crore posted in the period of 2014-15, registering a 38 percent decline year-on-year.

"Our total income, however, increased 14.5 percent YoY to Rs.6,323 crore in the quarter under review from Rs.5,523 crore in same period year ago," the Manipal-based bank said in a statement here.

Sequentially, net profit declined 27 percent from Rs.416 crore and total income 4.2 percent less than Rs.6,599 crore registered quarter ago.

Provisioning excluding tax for the quarter was Rs.480 crore as against Rs.715 crore a quarter ago and Rs.468 crore a year ago.

Gross non-performing assets (NPA) increased 44 percent YoY to Rs.7,546 crore from Rs.5,243 crore in like period year ago and 17 percent sequentially from Rs.6,442 crore quarter ago.

Similarly, net NPA also increased 44 percent YoY to Rs.4,721 crore from Rs.3,272 crore in same period year ago and 23 percent sequentially from Rs.3,844 crore quarter ago.

"In ratios, gross NPA increased to 3.72 percent from 2.97 percent year ago and from 3.13 percent quarter ago, while net NPA increased to 2.36 percent from 1.88 percent year ago and 1.9 percent quarter ago," the statement added.