Syndicate bank has posted an increase in its profit by 36%

By | September 9, 2011

A recent press release said that Syndicate Bank has posted an increase in net profit which grew by 36 per cent for the quarter ended September 30, 2011. The bank’s net profit for second quarter was Rs.323 crore which has risen 36 per cent from the net profit for the corresponding period which amounted to Rs.238 crore.

The bank’s net interest income has seen 18 per cent growth to Rs.1313 crore against the net interest income of Rs.1109 crore for the same period last year, which contributed more to the bank’s increased net profit this year.

Though there was an increase in the yield of advances, the bank experienced some pressure on the net interest margin because of the increased interest rates for deposits which stood at 6.69 per cent compared to the previous interest rate of 5.13 per cent. The yield on advances was 10.9 per cent which was 9.39 per cent during the corresponding period last year. The net interest margin of the bank was at 3.44 per cent which was previously 3.55 per cent.

In spite of the increase in gross NPAs to 2.38 per cent the net NPAs were marginally lower by 0.93 per cent. The bank’s provision coverage ratio was 78.5 per cent.

Syndicate bank is one of the oldest and major commercial banks of India. It offers a number of varied products under Deposits, Advances (home loan, personal loan, educational loan, business loans etc) to suit the needs of all types of customers. It also offers services like Cash Management Services, RTGS, and NEFT for electronic fund transfer and speed clearing.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit for the latest rates/offers.
Category: Articles Glossary Tags: , ,

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *