Asset quality of the bank deteriorated during the quarter with the gross non-performing assets (NPA) rising 35 basis points sequentially (up 59 bps year-on-year) to 2.97 percent and net NPA increasing by 32 bps Q-o-Q (up 69 bps Y-o-Y) to 1.88 percent in the first quarter of current financial year.
Public sector lender Syndicate Bank reported a 7.3 percent growth in net profit at Rs 485.4 crore in April-June quarter compared to Rs 452.3 crore in the year-ago period driven by higher other income and fall in provisions but impacted by tax cost.
Net interest income, the difference between interest earned and interest expended, grew 1 percent on yearly basis to Rs 1,351 crore while other income (non-interest income) jumped 55 percent to Rs 456.34 crore in the quarter ended June 2014.
Asset quality of the bank deteriorated during the quarter with the gross non-performing assets (NPA) rising 35 basis points sequentially (up 59 bps year-on-year) to 2.97 percent and net NPA increasing by 32 bps Q-o-Q (up 69 bps Y-o-Y) to 1.88 percent in the first quarter of current financial year.
In absolute terms, gross NPA shot up 47.5 percent on yearly basis (up 13.7 percent on sequential basis) to Rs 5,243 crore and net NPA jumped 86 percent year-on-year (up 20.2 percent quarter-on-quarter) to Rs 3,271 crore in the quarter gone by.
During the quarter, provisions declined 4.3 percent (down 25.9 percent Q-o-Q) at Rs 468 crore compared to Rs 489 crore in the year-ago period. Tax cost of the bank surged to Rs 60.6 crore from Rs 7.11 crore year-on-year.
Capital adequacy ratio (as per Basel III norms) slipped to 10.80 percent in June quarter from 11.41 percent quarter-on-quarter and 11.49 percent year-on-year.
At 12:01 hours IST, the stock was quoting at Rs 144.50, up 0.87 percent on the BSE.
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