Syndicate bank net profit up 2% to rs 417 cr in q4
Manipal-based public sector lender Syndicate Bank on Saturday announced a marginal increase of 2 per cent in net profit at Rs 417 crore for the fourth quarter ended March, compared to Rs 409 crore in the corresponding quarter last year. Total income grew 23.2 per cent to Rs 6,599 crore from Rs 5,357 crore in the year ago period. The bankâ€™s net interest income declined about 1 per cent to Rs 1,423 crore from Rs 1,433 crore in the year ago quarter. The net interest margin has declined to 2.29 per cent in March quarter from 2.79 per cent in the year ago quarter. The operating profit of the bank recorded a growth of 20 per cent to Rs 1,201 crore as against Rs 998 crore in the fourth quarter of last year. The bank witnessed 17 per cent growth in global advances to Rs 2,05,804 crore compared to Rs 1,76,241 crore in the fourth quarter last year.