Syndicate Bank has posted a net profit of R305 crore for the quarter ended December, a 20% decline year-on-year. Net profit in the year-ago period stood at R380 crore.
Total income of the Manipal-headquartered state-owned bank stood at R5,921.58 crore, up from R5,011.28 crore in Q3FY14. Operating profit for the December quarter also surged 4% to R838.20 crore from R805.63 crore in the year ago period, the company said in a filing to the Bombay Stock Exchange.
Net interest margin, however, stood at 2.25% in Q3FY15 against 2.76% in Q3FY14.
Gross non-performing assets (NPA) ratio stood at 3.60% in the December quarter against 2.80% in Q3FY14. The bank reported a net NPA ratio of 2.38% this quarter against 1.66% in Q3FY14.
Global deposits increased from R1,95,120 crore in Q3 FY14 to R2,51,469 crore this quarter, a 29% increase year-on-year.
The bank opened 101 new branches in the December quarter, taking the total number of branches to 3,463, including one in London.