Syndicate Bank Q3 net profit rises 32%

Syndicate Bank's net profit grew 32 per cent during the third quarter of this fiscal on the back of higher net interest income and operating profits.

The bank's net profit for the period stood at Rs 1,004 crore (Rs 759 crore), while net interest income was Rs 1,325 crore (Rs 1,150 crore).

The bank's operating profit grew 30 per cent to Rs 2,556 crore (Rs 2,078 crore).

Other income increased by 17 per cent to Rs 776 crore (Rs 660 crore), mainly due to an increase in fee-based income, said a press release from the bank.

Gross NPAs (non-performing assets) declined to 2.29 per cent (2.32 per cent), and net NPAs to 0.86 per cent (0.95 per cent). The bank's provision-coverage ratio stood at 78.5 per cent.

anju@thehindu.co.in