Syndicate Bank net up 32%

Manipal-headquartered public sector lender Syndicate Bank reported a 32 per cent rise in net profit to Rs 338 crore for the third quarter ended December 31, 2011, compared with the corresponding quarter last year. Operating profit rose 30 per cent to Rs 923 crore as against the same period last year.

Total income for the quarter increased 33.5 per cent to Rs 4,214 crore as against the same period last year. The rise in profits was attributed to a 15 per cent rise in net interest income at Rs 1,325 crore for the third quarter compared to the year ago period. The bank’s yield on advances improved to 11.11 per cent as compared with 9.57 per cent. However, its net interest margin has taken a hit to drop at 3.45 per cent as against 3.58 per cent in the third quarter last fiscal.

 

Provisions went up 27 per cent to Rs 544 crore during the third quarter as against Rs 427 crore made in the third quarter last fiscal.