Syndicate Bank net up 5 percent in Q2

Bengaluru: State-run Syndicate Bank on Wednesday reported a net profit of Rs.332 crore for the second quarter (July-September) of this fiscal 2015-16 as against Rs.316 crore in like period last year, posting only five percent growth.
Sequentially, however, net profit rose 9.9 percent from Rs.302 crore in first quarter (April-June) of this fiscal. Operating profit for quarter under review (Q2) increased 28 percent year-on-year (YoY) to Rs.1,225 crore from Rs.954 crore in the same period a year ago.
“Gross NPA increased 28 percent YoY to Rs.7,734 crore from Rs.6,049, while net NPA also rose 27 percent to Rs.4,855 crore from Rs.3,825 crore an year ago.
Similarly, global net interest margin (NIM) dipped to 2.46 percent from 2.57 percent YoY and domestic NIM to 2.88 percent from 2.96 percent YoY. Yield on advances also declined to 9.02 percent from 9.63 percent YoY. Net Interest Income (NII) increased 12 percent YoY to Rs.1,595 crore from Rs.1,428 crore a year ago. Total income increased 17.4 percent YoY to Rs.6,670 crore from Rs.5,681 crore a year ago and 5.5 percent sequentially from Rs.6,323 crore in the first quarter.
The bank’s total business comprising deposits and advances increased 14 percent YoY to Rs.4,71,900 crore from Rs.4,15,690 crore a year ago.