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Syndicate Bank posted 1.45 per cent higher profit at Rs 470.12 crore for the second quarter of 2013-14 as against Rs 463.37 crore in the same period last year.
The bank’s total income was up 6.68 per cent at Rs 4,850.35 crore(Rs 4,546.33 crore). EPS (basic) stood at Rs 7.81 (Rs 7.70).
Operating profit stood at Rs 811 crore (Rs 843 crore), on lesser treasury profit and absence of interest income on account of refund of income tax.
Treasury operations were Rs 1,014.48 crore (same period last year Rs 874.64 crore), corporate/wholesale banking Rs 2,609.89 crore (Rs 2,406.33 crore), retail banking Rs 1,123.36 crore (Rs 1,160.19 crore) and other banking operations Rs 102.62 crore (Rs 105.17 crore
Net interest income increased 1.5 per cent to Rs 1,411.3 crore, compared with Rs 1,391 crore the same period last year. Net interest margin stood at 2.89 per cent as against 3.26 per cent.
Due to few big ticket loan defaults and economic slowdown, gross NPA ratio was up 2.88 per centagainst 2.47 per cent. Net NPA ratio was also up 1.66 per cent against 0.92 per cent last year.
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