Syndicate Bank Net Decreases 32%

By | November 4, 2009

Syndicate Bank’s net profit for the second quarter of this fiscal stood at Rs 177.81 crore, a decrease of 32 per cent when compared to Rs 261.91 crore for the corresponding quarter, the previous year.

Net interest income came down 27.1 per cent to Rs 617.87 crore (Rs 847.53 crore). But the bank’s other income went up 65.27 per cent to Rs 259.59 crore (Rs 157.07 crore). Provisions stood at Rs 195.47 crore (Rs 137.60 crore), gross NPA was down 30 basis points to 2.25 per cent, net NPA stood at 0.91 per cent (0.92 per cent) and the annualised return of assets came down 44 basis points to 0.55 per cent.

Under Basel II guidelines, the bank’s capital adequacy ratio stood at 12.02 per cent (11.35 per cent) while under Basel II it was 13.26 per cent (12.54 per cent).

Syndicate Bank offers Personal loans, agricultural loans as well as other priority sector loans.

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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.

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